Ethereum price drops to $3,345. Technical pattern suggests a breakthrough is imminent!
Ethereum (ETH) is currently trading at $3,352.70, down 1.76% in the past 24 hours, with a trading volume of $18.71 billion. Ethereum is currently ranked 2nd in the cryptocurrency market, with a total market capitalization of $403.88 billion and a circulating supply of 120.47 million ETH.
The price trend has narrowed to a symmetrical triangle pattern, a classic technical shape that often indicates a significant price fluctuation is forthcoming.
The key resistance level at the current price is $3,350, coinciding with the upper boundary of the triangle, which is crucial for bullish momentum.
Support levels below are at $3,221 and $3,097, important levels to prevent further declines.
Potential breakthrough: Key levels for Ethereum to watch
The symmetrical triangle pattern for Ethereum shows a critical turning point. If the resistance at $3,350 is successfully broken, the price may initially target $3,520, and further rise to $3,700.
This trend aligns with the 50-day moving average (EMA) currently at $3,355, further highlighting the importance of breaking this resistance level.
However, if the price fails to break $3,350, it may trigger a bearish trend, pulling the Ethereum price back to the support area of $3,221, and possibly further down to $3,097.
The RSI is currently at 52, indicating neutral momentum, leaving room for price movement in either direction.
Key resistance and support levels
Immediate resistance level: $3,350
Next resistance levels: $3,520 and $3,700
Immediate support level: $3,221
Next support levels: $3,097 and $2,983
98758999085