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Highlights
- Ethereum price shows resilience above key support levels, targeting further upside potential.
- ETH clears key resistance zones, including $3,300 and $3,350, signaling short-term positive momentum.
- A pullback looms if Ethereum fails to surpass the $3,400 resistance, with potential support near $3,280.
Ethereum (ETH) has recently seen some notable upward movement, climbing above crucial support zones and pushing toward higher price levels. Following a solid start above the $3,240 mark, Ethereum was able to clear several resistance barriers, gaining momentum in the process. ETH surged past the $3,300 and $3,320 levels, signaling a short-term shift into positive territory. This was further complemented by a move beyond the $3,350 and $3,400 marks, with the price eventually testing the $3,480 zone. A high of $3,473 was recorded before the market experienced a minor correction.
Currently, Ethereum is trading above the $3,280 level, maintaining position above the 100-hourly Simple Moving Average (SMA). The asset has since resumed its upward trajectory, now trading back above $3,300, and has even broken through a key bearish trendline with resistance near $3,320, as seen on the hourly ETH/USD chart.
Despite the recent gains, Ethereum's price has yet to break through the $3,400 resistance decisively, raising questions about whether this price level will hold or if further consolidation may occur.
Potential Downside Correction in Ethereum's Price Action
While Ethereum’s recent price movement has been positive, there is a looming possibility of a pullback if the $3,400 resistance level remains intact. If ETH fails to break through this level, a decline may be imminent. Initial support can be found near the $3,280 level, which aligns with the 100-hourly SMA. Should the price continue to retreat, the first major support is located near the $3,200 level. This level also coincides with the 50% Fibonacci retracement of the upward movement from the $2,912 swing low to the $3,473 high.
If Ethereum fails to hold this support, further downside could materialize, testing deeper support zones and potentially resulting in a longer-term correction.
Will Ethereum Secure Further Upside?
Ethereum’s ability to maintain its position above key support levels, such as $3,280, and break past the critical $3,400 resistance will be crucial for determining its short-term price trajectory. The market remains in a cautious but potentially bullish phase, with the outcome of this battle between buyers and sellers set to dictate ETH’s next major move. Should the price successfully clear the $3,400 resistance, Ethereum could continue its upward journey, with $3,480 and beyond becoming key targets.
With ongoing fluctuations, Ethereum’s market behavior suggests that traders should closely monitor the key levels that could influence the token’s momentum in the coming sessions.
