Ethereum

Convergence

Resistance

Divergence

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-struggles-to-break-resistance-as-prices-fluctuate" rel="noopener noreferrer nofollow">Ethereum Struggles to Break Resistance as Prices Fluctuate</a><br></p>
<p style="text-align: justify">The volatility of the <a href="https://en.bitcoinhaber.net/bitcoins-path-in-2024-analysts-predictions-amidst-market-movements" rel="noopener noreferrer nofollow">cryptocurrency</a> market is once again at the forefront, with <a href="https://en.bitcoinhaber.net/ethereums-innovative-erc-404-token-standard-a-new-era-for-digital-assets" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) experiencing difficulty in overcoming a major price hurdle. Despite attempts to surpass the resistance level of $3,650, Ethereum’s price has been unsuccessful, leading to a notable decline and investor unease. The price action reflects a significant pullback from the resistance, with subsequent support levels also being breached.</p>
<h2 id="ethereum-s-resistance-battle-and-potential-recovery">Ethereum’s Resistance Battle and Potential Recovery</h2>
<p style="text-align: justify">Ethereum has faced a setback after being rejected at the $3,650 mark, sliding below several key price points, including $3,550, $3,500, and $3,450. The cryptocurrency went on to test the support at $3,320, where it showed signs of a tentative recovery, pricing slightly above $3,360. Nevertheless, the challenge remains, as Ethereum continues to trade below the crucial $3,500 level and the 100-hour Simple Moving Average, signaling potential resistance to upward movement.</p>
<h2 id="crucial-resistances-and-the-path-forward-for-ethereum">Crucial Resistances and the Path Forward for Ethereum</h2>
<p style="text-align: justify">For Ethereum, breaking above $3,400 represents an immediate challenge, with the $3,420 level acting as the first major resistance near the trend line. A breach of the $3,450 level could catalyze a rally towards higher price points. A significant milestone would be overcoming the $3,650 resistance, potentially setting the stage for Ethereum to aim for the $3,720 resistance level and possibly higher targets.</p>
<h2 id="implications-for-the-reader">Implications for the Reader</h2>
<ul>
 <li>ETH faces critical resistance levels; surpassing $3,650 is key for positive momentum.</li>
 <li>Short-term trends show potential for continued decline if resistances hold firm.</li>
 <li>Key support levels to watch are $3,320 and $3,220, with the risk of dropping to $3,120 or even $3,040.</li>
</ul>
<h2 id="short-term-challenges-and-support-levels">Short-Term Challenges and Support Levels</h2>
<p style="text-align: justify">The immediate future for Ethereum appears challenging, as failure to breach the $3,420 level could lead to a continuation of the downward trend. In such a scenario, Ethereum could find support at $3,320, but a break below this could trigger a descent to $3,250 and potentially the pivotal support at $3,220. A dip below this threshold might result in a drop to $3,120 or even to the lower level of $3,040.</p>
<p style="text-align: justify">Technical analysis further indicates a bearish outlook, with the hourly Moving Average Convergence Divergence (MACD) showing a loss of upward momentum and the Relative Strength Index (RSI) situated below the midway mark of 50. The breach of either the $3,320 support or the $3,420 resistance will be critical in determining Ethereum’s price trajectory in the near term.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-struggles-to-break-resistance-as-prices-fluctuate" rel="noopener noreferrer nofollow">Ethereum Struggles to Break Resistance as Prices Fluctuate</a></h5>

Ethereum Struggles to Break Resistance as Prices Fluctuate

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