Ethereum

Momentum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-struggles-to-break-through-key-resistance-zones" rel="noopener noreferrer nofollow">Ethereum Struggles to Break Through Key Resistance Zones</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-climbs-past-71000-before-retracting-new-ethereum-etf-proposal-emerges" rel="noopener noreferrer nofollow">Ethereum</a>, a leading <a href="https://en.bitcoinhaber.net/altcoins-poised-for-gains-in-a-stable-crypto-market-landscape" rel="noopener noreferrer nofollow">cryptocurrency</a>, is currently confronting significant resistance levels, with market participants paying close attention to its capacity to break through these thresholds. Ethereum’s attempt to breach the resistance zone near $3,360 has left a mark of uncertainty on its future price trajectory. Investors and analysts alike are keeping a keen eye on the pivotal levels that could dictate the direction of Ethereum’s price movement in the immediate future.</p>
<h2 id="ethereum-s-uphill-battle-against-market-forces">Ethereum’s Uphill Battle Against Market Forces</h2>
<p style="text-align: justify">Ethereum’s price has encountered multiple obstacles at the $3,350 to $3,360 levels, reflective of the challenging conditions that bulls are facing in the market. The trend below the $3,350 mark and the 100-hour Simple Moving Average signals a fierce contest between buyers and sellers. Moreover, a breach below a supportive trend line at $3,320 on the hourly chart of the ETH/USD pair has sparked concerns over potential further declines.</p>
<p style="text-align: justify">Resistance levels are stacking up for Ethereum, with the primary hurdle near $3,300. The critical resistance, however, is at $3,360. A successful breakthrough at this level could signify a bullish momentum for Ethereum. Following this, resistance lies at $3,435 and $3,655. An ascent above $3,550 might clear the path for more substantial gains, potentially propelling Ethereum past the $3,650 mark.</p>
<h2 id="downside-risks-loom-for-ethereum">Downside Risks Loom for Ethereum</h2>
<p style="text-align: justify">If Ethereum fails to surge past the $3,360 resistance, a downward trend might ensue, leading to support levels at $3,240. A more alarming scenario could see Ethereum drop to the $3,215 area, with further declines potentially bringing it below $3,200 and down towards $3,040.</p>
<h2 id="technical-indicators-signal-caution">Technical Indicators Signal Caution</h2>
<p style="text-align: justify">Technical indicators such as the 4-hour MACD and the RSI are currently showing a downward momentum and weakness in the market. These suggest that the market is currently on shaky ground.</p>
<h2 id="implications-for-the-reader">Implications for the Reader</h2>
<ul>
 <li>A breach below $3,320 on the hourly chart suggests possible further drops.</li>
 <li>Surpassing the $3,360 mark can indicate the potential for a bullish run.</li>
 <li>Momentum indicators hint at the present vulnerability of Ethereum’s market position.</li>
</ul>
<p style="text-align: justify">The pivot point for Ethereum’s market standing hinges on the $3,215 support level. A descent below this could intensify risks, while overcoming the primary resistance at $3,360 may set the stage for a positive upturn for the digital currency.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-struggles-to-break-through-key-resistance-zones" rel="noopener noreferrer nofollow">Ethereum Struggles to Break Through Key Resistance Zones</a></h5>

Ethereum Struggles to Break Through Key Resistance Zones

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