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- Ethereum’s price is encountering resistance at the $3,420 level.
- The cryptocurrency is currently trading below the 100-hourly Simple Moving Average and $3,400 mark.
- A bearish trend line is apparent with significant resistance near $3,400 on the hourly ETH/USD chart.
Ethereum price struggles at key resistance, threatening potential decline below $3,320.
Ethereum Price Faces Significant Resistance
Ethereum has attempted to recover above $3,320, yet it faces strong resistance at the $3,420 level. Despite surpassing $3,350, the price turned downward as it neared $3,420, forming a high at $3,426 before a correction occurred, mirroring Bitcoin’s price movements.
The retracement led to a drop below $3,380 and went through the 23.6% Fib retracement level, from the $3,230 swing low to the $3,426 peak. Current market dynamics show bulls striving to prevent further declines beneath the $3,320 threshold.
Technical Analysis and Key Resistance Levels
Ethereum continues to trade below critical thresholds: $3,400 and the 100-hourly Simple Moving Average. In addition, the hourly ETH/USD chart reveals a connecting bearish trend line, with resistance encountered at around $3,400.
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The immediate resistance level is $3,420, followed by a primary resistance at $3,450. Should Ethereum manage to close above $3,450, the path towards the $3,550 resistance becomes probable.
Furthermore, breaking through the $3,620 resistance could propel the price higher. Next resistance zones are identified near $3,680 and $3,720, with potential for Ethereum to reach the $3,880 level upon continued bullish momentum.
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Potential Downside Risks
Should Ethereum fail to surpass the $3,400 resistance, it risks another downward move. Initial support is likely to be found around $3,350. A critical support level is likely at $3,320, correlating with the 50% Fib retracement level from the $3,230 low to the $3,426 high.
A significant move below the $3,320 support could propel the price towards $3,250, and continued losses might drive Ethereum down to $3,200 in the short term.
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Conclusion
In summary, Ethereum faces pivotal resistance at $3,400 and $3,420, with essential supports near $3,320. A decisive move above or below these levels could dictate the cryptocurrency’s next trajectory. Traders should closely monitor these benchmarks to navigate potential bullish or bearish momentum effectively.
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