- Ethereum price at $3,616, testing resistance at $4,877 a breakout could push it toward $5,500.
- Ethereum Price finds support at $3,616 and $3,600 failure to hold could see a drop toward $3,000.
- Ethereum MACD is bullish, but weakening momentum suggests potential short-term consolidation.
The ethereum price has reached a critical point in its price movement as it hovers at several key resistance levels, potentially indicating the beginning of a significant rally. With the cryptocurrency trading at approximately $3,616, the question traders and investors are asking is whether Ethereum will breach the resistance level of $4,877 and get to as high as $5,500 in the near bull run.
Ethereum Price Resistance and Support Levels
The direct price-stashing is at the Ethereum price with the resistance of $3,623. Ethereum has tested this level many times, and it has not been able to exceed it convincingly.
The bigger test will be the $4,877 zone, representing the highs of the historic 2021 Ethereum bull market. As long as the Ethereum price is able to break through this resistance, the next crucial point is to look out towards a psychological level of $5,500, which will mean an absolute bullish outlook.
Source: Altcoin Sherpa/X
Ethereum price is well supported at $3, 616 and additional support is at $3600. A decline beyond these prices might lead to a correction in Ethereum, with the next major support area being the $3,000 level. A decline to below $3,000 would neutralize the current bullish play, pointing to a possible turn of events.
Ethereum Price Technical Indicators Suggest Mixed Signals
The technical indicators on Ethereum price are mixed with both bearish outcomes as well as bullish. Moving Average Convergence Divergence (MACD) is now bullish, with MACD at 6.3 and signal at 5.5 above, indicating rising trend.
The red bars of the Moving Average Convergence Divergence (MACD) histogram, however, show that the bullish movement is losing its strength, which may result in some short-term consolidation or retracement.
Source: TradingView
Relative Strength Index (RSI) is at 51.40, which shows that the market is neutral. There is no indication of being overbought or oversold at this point, and the market is in balance. The disagreement between the price action and RSI indicates that the Ethereum price may consolidate or pull back slightly before pushing further to the resistance levels.
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