Ethereum Stalls Above $3,700 — Is a Correction Looming?
Ethereum (ETH) rebounded strongly from the $3,400 zone, climbing above $3,440 and $3,500. However, momentum is fading as the price struggles to stay above $3,700.
Current Status:
ETH briefly broke above the $3,700 resistance, but sellers stepped in around $3,750 — near the 61.8% Fib retracement level of the $3,877 to $3,369 decline. The price has since slipped below $3,600 and the 100-hour SMA, signaling possible short-term weakness.
Key Technical Levels:
Support: $3,550, followed by $3,510 and $3,420. A break below $3,510 could open the door to $3,350 or even $3,220.
Resistance: $3,620, $3,700, and $3,750. A clean move above $3,750 could trigger a rally toward $3,820, with potential to reach $4,000 or $4,120.
Indicators:
MACD: Bearish momentum building.
RSI (1H): Below 50, suggesting weakening buying pressure.
Outlook:
Unless bulls reclaim $3,620 and flip $3,700 into support, ETH remains vulnerable to another pullback. The $3,510–$3,550 zone is crucial for maintaining structure.
