The gauntlet of volatility continues to loom over Ethereum, as it struggles to claw its way up past the $3,360 resistance point. Disconcerting signs point to further downtrends that could see Ethereum sliding below its $3,300 and $3,250 footholds.
The crypto maze of Ethereum is fraught with several roadblocks lurking near the $3,350 and $3,360 levels. The cryptocurrency currently finds itself navigating the turbulent waters below $3,350, adrift from the 100-hourly Simple Moving Average. Recent trends also show a breach of a rising channel previously buffering at $3,320, according to hourly ETH/USD data from Kraken.
This, paired with an unsuccessful attempt to firmly close above the $3,200 support zone, could hint at more losses on the horizon.
Not all is grim, though. Ethereum’s recent nadir was struck at a $3,215 low, from which some fighting spirit is transparent as the bulls have taken to the ring. Their charge brought Ethereum back over the $3,250 mark and up to touch $3,280.
Also noteworthy is Ethereum’s slight ascendancy above the 23.6% Fib retracement level – a slight, yet significant respite from the downward tumble from the $3,655 peak to the $3,215 low. However, the uphill skirmish against the bears near the $3,360 resistance was short-lived, redirecting Ethereum back on a downward trajectory.
In this turbulent sea of cryptocurrencies, Ethereum is now floating below the $3,300 level and remains outpaced by the 100-hourly Simple Moving Average. Ethereum’s next challenge lies at this the $3,300 resistance barrier, with the much more formidable $3,360 level waiting in the wings.
Further resistance waits pat at the $3,435 mark – equivalent to the 50% Fib retracement level of the downward slide from the $3,655 high to the $3,215 low. Should Ethereum break through these barriers, a test against the $3,500 level could be imminent.
Glimmers of hope for Ethereum could shine through near the $3,550 level. A triumph over this hurdle could usher in a fresh wave of bullish momentum, propelling the price towards the $3,650 zone. Beyond this, Ethereum could find itself rallying all the way to the $3,750 resistance band, and any further headway could be rewarded with a prestigious $3,800 showdown.
On the flipside, should Ethereum falter under the weight of the $3,360 resistance, a continuing downward spiral might be unavoidable. The first alarm bell rings near the $3,240 level, with more serious concern sprouting near the $3,215 level. A potential freefall beyond the $3,200 barrier could see Ethereum spiralling towards $3,120. Further losses could bring Ethereum face-to-face with the $3,040 support level.
In the midst of these potential twists and turns, the MACD for ETH/USD appears to be picking up steam within the bearish domain. At the same time, the RSI for ETH/USD now lurks beneath the 50 level. Currently, Ethereum’s major support and resistance battlegrounds stand at $3,215 and $3,360, respectively. As crypto-enthusiasts look on with bated breath, Ethereum’s tale of endurance and defiance continues to unfold.
