Technical Analysis of Ethereum (ETH) – A Look at the Coming Days
The Ethereum ETH currency is currently experiencing noticeable volatility near the technical resistance area at $3,200, after a clear recovery from support levels around $2,900. The price is currently moving within a narrow sideways channel, indicating a state of anticipation from traders waiting for a new catalyst.
Technical Indicators:
The 50-day moving average is still above the 200-day moving average, supporting the medium-term upward trend.
The Relative Strength Index (RSI) is moving around the level of 55, reflecting relative neutrality with a slight inclination towards bullish momentum.
The MACD shows a slight positive crossover, which may indicate the beginning of a new upward wave if the breakout is confirmed.
Watch Levels:
First Support: $3,000
Second Support: $2,880 (if the first support is broken)
First Resistance: $3,200
Next Resistance: $3,350 – a pivotal point that could pave the way towards $3,500
Potential Scenario: If the resistance at $3,200 is broken with strong trading volume, we may see a surge towards $3,350 in the coming days. However, if it fails to surpass this barrier, the price may return to test support at $3,000 again.
Recommendation: It is preferable to wait for a clear daily close above $3,200 before making a buying decision, with a stop loss set below $2,900 to protect against any sudden reversals.
