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Despite the recent correction, Ethereum (ETH) remains above the psychological threshold of $3,000. This resilience could signal an interesting bullish potential for the second-largest cryptocurrency on the market. Let's break down the key levels to focus on.
Ethereum consolidates position above $3,000
Over the past week, ETH has been able to consistently rise above the key support at $3,000. This performance highlights the bulls' dominance in the market. Ethereum is showing signs of a healthy correction by trading above $3,050.
However, the recent weekly high of $3,144 faced a slight pullback as sellers intervened around $3,150. ETH is currently trading around $3,120, with immediate resistance at $3,080. Additionally, a bearish trend line is visible on the hourly chart of ETH/USD. However, a sustained move above this line could pave the way for a retest of the $3,150 level.
Furthermore, if confirmed above the $3,150 mark, Ethereum would gain the momentum it needs to aim for higher price levels. Whether buyers can maintain strength at this key resistance level could fuel bullish sentiment in the market.
The next big hurdle is $3,200. Additionally, interest in ETH could increase and the price could rise towards $3,250. A clear break above $3,250 would pave the way for a test of the $3,320 resistance.
Supports careful monitoring
In the short term, the first notable support for Ethereum is around $3,065. This level may include temporary declines. However, the next major support to consider in case of a break is the psychological threshold of $3,000.
If the latter loses, ETH risks falling to $2,980. Failure at this stage would expose the cryptocurrency to an even more severe correction towards $2,860.
On the hourly chart, the MACD indicator is losing strength in the positive territory, indicating that the bullish momentum is weakening and selling pressure is increasing. Furthermore, the RSI index below 50 reflects that the market is under bearish pressure, raising concerns among investors.
In summary, Ethereum is still struggling to keep up with Bitcoin's rapid pace, as analyzed in our latest article. The impending SEC decision regarding Spot Ethereum ETFs has traders in suspense. Despite long-term optimism, rejection can cause short-term adjustments.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
