The challenge of volatility continues to loom over Ethereum as it struggles to break above the $3,360 resistance point. Ominous signs point to a further downtrend that could see Ethereum break below the $3,300 and $3,250 toeholds.
Ethereum’s crypto maze has several obstacles lurking around the $3,350 and $3,360 levels. The cryptocurrency is currently straying from its 100-hourly simple moving average and hovering below $3,350. According to Kraken’s hourly ETH/USD data, the recent trend also points to a breakout of the ascending channel that was previously buffered at his $3,320 level.
This, coupled with the failed attempt to close firmly above the $3,200 support zone, could signal further losses in the future.
However, it's not all tough. Ethereum’s recent low was a low of $3,215, and from there, the bulls are showing signs of fighting as they step into the ring. Their claims pushed Ethereum past the $3,250 mark and up to $3,280.
It is also worth noting that Ethereum is rising just above the 23.6% Fib retracement level. This is a small but significant respite from the downturn from a peak of $3,655 to a low of $3,215. However, the uphill skirmish with the bears near the $3,360 resistance did not last long and Ethereum returned to its downward trajectory.
In this turbulent sea of cryptocurrencies, Ethereum is currently trading below the $3,300 level and still above its 100 hourly simple moving average. Ethereum’s next challenge lies in this wall of resistance at $3,300, with an even more formidable $3,360 level on the horizon.
Further resistance awaits at the $3,435 mark, which corresponds to the 50% Fib retracement level of the downward slide from the $3,655 high to the $3,215 low. If Ethereum breaks through these barriers, a test of the $3,500 level could be imminent.
A glimmer of hope for Ethereum could shine around the $3,550 level. If this hurdle is overcome, a new wave of bullishness could arrive and the price could head towards the $3,650 zone. Above this, Ethereum could rise to the $3,750 resistance band, and further progress could reward it with a prestigious $3,800 showdown.
On the other hand, if Ethereum slumps under the weight of the $3,360 resistance, a continuation of the downward spiral may be inevitable. The first alarm bells ring around the $3,240 level, and more serious concerns arise around the $3,215 level. If there is a chance of freefall above the $3,200 barrier, Ethereum could rally towards $3,120. Further losses could cause Ethereum to face the $3,040 support level.
In the midst of these potential twists and turns, the ETH/USD MACD appears to be gaining momentum within bearish territory. At the same time, his RSI for ETH/USD is currently below the 50 level. Currently, Ethereum’s major support and resistance battlegrounds are $3,215 and $3,360, respectively. Ethereum's story of perseverance and defiance continues to unfold as cryptocurrency enthusiasts watch with bated breath.
