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Ethereum (ETH) managed to hold above $3,200 and began a new rally, outperforming Bitcoin. ETH strengthened and broke resistance levels at $3,320 and $3,350. However, bears have become active in the range below $3,450, raising questions about a possible trend reversal.
Current Market Situation
The bulls managed to push the price above $3,400, but the high was recorded at $3,448. The price is currently correcting its gains, and there has been a sharp decline below the 23.6% Fibonacci retracement of the ascending wave from the low at $2,914 to the high at $3,448.
On the hourly chart, ETH/USD also broke below the bullish trendline with support at $3,240. Currently, Ethereum is trading near $3,200 and the 100-hour simple moving average.
Resistance and Support Levels
If another uptrend occurs, the price may encounter resistance at $3,250. The next key resistance is at $3,300, and the first major resistance is at $3,320. If the price breaks resistance at $3,320, it may head towards $3,400. A break above $3,400 could lead to further gains in the coming days, and Ethereum could reach the resistance zone at $3,450 or even $3,500.
Possible Scenarios
1. Upside Scenario:
- A break above $3,250 could open the way to $3,300 and $3,400.
- A break above $3,400 could lead to further gains to $3,450 and $3,500.
2. Downside Scenario:
- If Ethereum fails to break resistance at $3,250, it could begin a new decline.
- Initial support on the downside is near $3,200.
- The first major support is located at $3,180 and corresponds to the 50% Fibonacci retracement level of the upward wave from the low of $2,914 to the high of $3,448.
If the price falls below the $3,180 support level, it could approach $3,150. Further losses could push the price down to $3,050.
In Conclusion
The current situation in the Ethereum market requires close monitoring. A break of key resistance or support levels could determine further price movement. Investors should be prepared for potential fluctuations and monitor market developments to make informed decisions.
Rao Cash Analytical Expertise: Event Context
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