Ethereum

Ethereum (ETH) is currently facing a critical test as it approaches the key support level of $3,360. This price point has emerged as a significant marker in recent trading sessions, with <a href="https://bitcoinist.com/bitcoin-ethereum-put-call-ratio-retreating-in-june/" target="_blank" rel="noopener ">market participants</a> closely watching to see if ETH can maintain its footing or if further declines are imminent.&nbsp; 
The $3,360 level represents a crucial battleground between bullish and bearish forces, and its outcome could set the tone for Ethereum’s short-term price trajectory. In this article, we will explore ETH’s potential price implications in the event of a rejection or a breach with the help of technical indicators. 
At the time of writing, Ethereum was trading at around $3,387 and was down by 1.62% with a market capitalization of over $407 billion and a 24-hour trading volume of over $11 billion. Its market capitalization is down by 1.52%, while its trading volume is up by 32.02% in the past day. 
<h2 id="strong-will-3-360-support-hold-or-break-strong">Will $3,360 Support Hold Or Break?</h2> 
It can be observed on the 4-hour chart that ETH’s price has experienced a drop toward $3,360 and is trading below the 100-day Simple Moving Average (SMA). Currently, the price is moving in a consolidating manner, which is slightly above this level. 
<img loading="lazy" decoding="async" class="size-large wp-image-307896" src="https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM-1.jpeg?w=980&amp;resize=980%2C569" alt="Ethereum" width="980" height="569" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM-1.jpeg?w=1439 1439w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM-1.jpeg?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM-1.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM-1.jpeg?w=980&amp;resize=980%2C569 980w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM-1.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM-1.jpeg?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
Additionally, the 4-hour Relative Strength Index (RSI) indicates that <a href="https://bitcoinist.com/ethereum-price-reach-14000/" target="_blank" rel="noopener ">Ethereum’s price</a> may breach below this support level and continue in its downtrend as the RSI line has dropped below 50% and could drop into the oversold zone. 
Taking a look at the 1-day chart, it can be seen that ETH is attempting to drop below the 100-day SMA. Although the price of ETH is still bullish, based on current price action it may tend to fall further in the long run. 
<img loading="lazy" decoding="async" class="wp-image-307897 size-large" src="https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM.jpeg?w=980&amp;resize=980%2C569" alt="Ethereum" width="980" height="569" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM.jpeg?w=1439 1439w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM.jpeg?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM.jpeg?w=980&amp;resize=980%2C569 980w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-29-at-9.00.58-AM.jpeg?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
Finally, the 1-day RSI indicator signals a bearish trend ahead as the signal line has already dropped below 50% and is heading toward the oversold zone. From the price analysis and the formation of technical indicators, it can be suggested that the crypto asset may likely break below the $3,360 support. 
<h2 id="strong-ethereum-s-path-beyond-3-360-strong">Ethereum’s Path Beyond $3,360</h2> 
Exploring ETH’s prospects and strategies beyond $3,360, it was revealed that if the price of <a href="https://bitcoinist.com/ethereum-immediately-rally-after-spot-etf-approval/" target="_blank" rel="noopener ">ETH</a> breaks below this level, it may move lower to test the $3,051 support level and probably move on to test the $2,865 support level and other levels below if the price breaches this level. 
However, if ETH’s price faces rejection at the $3,360 support level, it will begin to move upward&nbsp;toward the $3,659 resistance level. Should the digital asset breach this support level, it may move further to test the $3,975 resistance level and possibly other higher levels. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/XPzQN3Yk/" alt="Ethereum" width="2283" height="1351">

Ethereum Price Heading For $3,360 – Can Key Support Levels Sustain The Uptrend?

목차

Bitcoinist

2024년 6월 29일에 게재된 다른 기사

Portnoy Eyes Bitcoin Investment

Popular Crypto Analyst Projects Bitcoin’s Price Trajectory, Major Pivot Ahead

Jesse Powell Donates $1M in Ether to Trump: Boosts Pro-Crypto Agenda for 2024

Terra Classic Gains Attention with Recent Market Activity

Hong Kong Enhances Cryptocurrency and Security Token Framework

Binance’s mixed bag: Court dismisses some charges, not all

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!