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?

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