- Analyst highlights Ethereum’s bullish rebound potential, targeting $3,560 if the ascending channel’s structure holds firm.
- Ethereum faces key resistance at $3,560 and support at $3,343, with the 50 EMA providing immediate technical backing.
- RSI near 44.92 indicates weak momentum; a rise above 50 could signal increased buying and a renewed bullish trend.
According to analyst Ali, Ethereum’s price movements show potential for a rebound toward $3,560. Ethereum’s movement remains within an ascending channel, reflecting steady bullish sentiment.
Currently trading near the lower boundary of the channel, around $3,350-$3,360, the cryptocurrency has demonstrated resilience as buyers step in to defend critical support levels. Recent activity indicates a potential rebound, aligning with its established upward trend.
Ascending Channel Indicates Bullish Momentum
Ethereum’s price action shows a well-defined ascending channel. The upper boundary near $3,560 serves as a key resistance, while the lower boundary at $3,343 acts as vital support. Buyers have notably stepped in at the lower boundary, preventing further declines.
A sustained move above the channel’s midpoint, around $3,440, could boost the bullish outlook and precede testing $3,560. On the flip side, a drop below $3,343 would weaken this structure and suggest downside risks.
Recent price movements highlight heightened activity near the upper boundary, where resistance around $3,540-$3,560 has posed challenges. Despite occasional pullbacks, the consistent rebounds near $3,343 reflect ongoing market interest at these levels.
Key Levels Define Immediate Outlook
Ethereum’s price currently is dependent on crucial resistance and support zones. The upper boundary at $3,560 remains the primary target for bullish momentum, while intermediate resistance near $3,440-$3,460 marks a critical hurdle.
On the downside, support at $3,343 is vital for maintaining the channel’s integrity, with $3,302 identified as a potential stop-loss level for traders. A breach below this level could expose Ethereum to further declines toward $3,300 or lower.
Indicators and Market Trends
The 50-period EMA at $3,298.63 acts as immediate support. A close below this could intensify bearish pressure, pushing the price toward the 200 EMA at $3,001.66.
The RSI, currently at 44.92, reflects weak momentum, but a rebound above 50 could strengthen buying interest. Notably, breaking below $3,001 would challenge Ethereum’s long-term bullish structure and shift focus to lower psychological levels.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
