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Ethereum (ETH) is currently facing a critical test as it approaches the key support level of $3,360. This price point has emerged as an important marker in recent trading sessions Market participants We are watching closely to see if ETH is able to maintain its foothold or if further declines are imminent.
The $3,360 level represents a crucial battleground between bullish and bearish forces, and its outcome could set the tone for Ethereum’s price trajectory in the short term. In this article, we will explore the potential implications for ETH price in case of rejection or breakout with the help of technical indicators.
At the time of writing, Ethereum is trading at around $3,387 and down 1.62% with a market cap of over $407 billion and a 24-hour trading volume of over $11 billion. Its market value decreased by 1.52%, while its trading volume increased by 32.02% in the past day.
Will the support at $3,360 hold or break?
It can be seen that the price of ETH has seen a decline towards $3,360 and is trading below the 100-day simple moving average (SMA). Currently, the price is moving in a consolidative manner, slightly above this level.
In addition, the Relative Strength Index (RSI) on the 4-hour chart indicates that Ethereum price The stock may break this support level and continue its downtrend as the RSI line has fallen below 50% and may fall into the oversold zone.
By taking a look at the 1-day chart, it can be seen that ETH is trying to fall below the 100-day simple moving average. Although the price of ETH is still bullish, based on the current price action, it may tend to decline further in the long term.
Finally, the 1-day RSI is pointing to a bearish trend ahead as the signal line has already dropped below 50% and is heading towards the oversold zone. Analyzing the price and the formation of technical indicators, we can suggest that the crypto asset is likely to break the support level at $3,360.
Ethereum Trajectories Past $3,360
When exploring the prospects and strategies of ETH after $3360, it was revealed that if the price rises Ethereum In case of a break below this level, it may move down to test the $3,051 support level and may move to test the $2,865 support level and other levels below if the price breaks this level.
However, if the ETH price faces rejection at the $3,360 support level, it will start moving upwards. towards Resistance level is $3,659. If the digital asset breaks this support level, it may move further to test the resistance level of $3,975 and possibly other higher levels.
Featured image from Adobe Stock, chart from Tradingview.com
