Connect with us

Hi, what are you looking for?

Investing

Ethereum remains below $3700, looking for support at $3550

Ethereum remains below $3700, looking for support at $3550

Ethereum’s price trajectory has been a rollercoaster ride lately, with fluctuations between key support and resistance levels

Ethereum chart analysis

Ethereum’s price trajectory has been a rollercoaster ride lately, with fluctuations between key support and resistance levels prompting speculation among traders. Monday’s trading session brought a surge in bullish sentiment as Ethereum managed to breach the crucial $3500 barrier during the afternoon. The momentum continued to build, propelling the price upwards until it reached a peak of around $3660, where the resistance came into play. Subsequently, the price retraced, finding support at approximately $3580.

Tuesday saw a renewed bullish consolidation, culminating in Ethereum reaching a fresh weekly high near $3680. However, this peak proved to be a temporary pause as Ethereum initiated a bearish consolidation phase, dipping towards the $3545 support level. Despite testing this support, Ethereum managed to hold above, commencing a recovery phase the following morning.

Are we turning towards the $3500 level or going back above $3600?

Currently, Ethereum is facing resistance around the $3625 mark, coinciding with the EMA50 moving average. The price has struggled to break through this barrier, leading to a retreat back to the $3560 level. With the breach below the EMA50, there’s anticipation of a potential drop to new daily lows, with targets around $3525 and $3500.

A positive consolidation is needed for a bullish reversal, ideally pushing the price back towards $3625. Breaking above this resistance level could signal a shift in momentum, potentially paving the way for further gains. If successful, Ethereum could target higher levels such as $3650, $3675, or even retesting the weekly high at $3680.

In summary, Ethereum’s price action continues to oscillate between support and resistance levels, with traders closely monitoring key thresholds for signs of a sustained bullish or bearish trend.

The post Ethereum remains below $3700, looking for support at $3550 appeared first on FinanceBrokerage.

You May Also Like

Editor's Pick

On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

Latest News

Lawmakers reacted after Iran launched drones from its own territory toward Israel late Saturday, calling for the White House to ‘stand firm’ and ‘stop...

Economy

President Biden has a story he wants to tell voters about the economy, one of consistent job growth over the course of his presidency...

Editor's Pick

The final December results from the University of Michigan Surveys of Consumers show overall consumer sentiment improved for the month but remains near historically...