Ethereum trades at $3,562.17, down 1.5% in the past 24 hours.
Key support is at $3,491.87, with resistance at $3,657.81.
The two-week candle close on Sunday may confirm a breakout.
Ethereum (ETH) is trading within a key price area as traders wait for confirmation of a breakout pattern. The asset is currently worth $3,562.17, a 1.5% decline over the past 24 hours. Analysts are noting that the two-week candle will close on Sunday evening, which should give direction to the current price action. The recent trading structure involves Ethereum testing important resistance and support zones, with volatility spiking around these technical levels.
Price Levels and Market Dynamics
Current support price of Ethereum is $3,491.87 while resistance is noted at $3,657.81. Quirks of interest, ETH is also trading at 0.03012 BTC, 1.0% lower in the Bitcoin pairing for the same time period. Price action between $3,491.87 and $3,657.81 is critical for traders monitoring the probability of a breakout to stay above. Recent chart action registers an upward pattern formation, although confirmation remains up to the next candle close.
If ETH breaks above its major resistance at $3,657.81, it might signal strong bearish momentum, which may attract increasing trading volume. It could also strengthen the current rising trendline, which in the past has historically maintained further rallies.
However, if ETH fails to hold above $3,491.87, the market may experience short-term downside pressure. A bearish close could prompt a retest of lower levels, possibly between $3,350 and $3,400, as traders look to secure profits. The tightening price range and reduced volatility suggest that a significant price movement is imminent once the candle closes.
ETH Approaches Key Breakout Zone as Traders Await Two-Week Candle Close
The chart shows historical prices and shows numerous failed breakout attempts following similar consolidations. These patterns usually appear around the rising trendlines that have already been tested numerous times in past Ethereum rallies. As can be seen on the chart, ETH is also nearing the top of its multi-week pattern. This has encouraged traders to pay attention to the candle close on Sunday that may cause the next significant price shift.
https://twitter.com/cantonmeow/status/1946422019337097491
As observed in recent trading sessions, there has been a squeeze between ranges, as the ETH fluctuates with its support and resistance levels. This collapse is a precursor to large movements on the market. Nevertheless, the ultimate confirmation that a breakout had occurred will depend on the completion of the ongoing two-week candle. These levels are being monitored with care because a strong break above resistance may change the short-term sentiment of the market, whereas inability to maintain support may imply retesting earlier prices.
