Can Ethereum (ETH) Overcome $3,613? Key Levels to Monitor Now
Key Takeaways:
- Ethereum faces resistance between $3,360 and $3,450, with support at $3,066$3,160.
- A break above $3,613 could signal bullish momentum, while failure to do so keeps the trend bearish.
- Two scenarios dominate: a direct decline or a corrective rally before further moves.
Ethereum price remains within a consolidation phase as traders eye the key resistance between $3,360 and $3,450. Meanwhile, support is located at $3,066$3,160, but the sentiment in the broader market remains reserved.
With Ethereum still seen correcting within a larger uptrend, there isnt any confirmation of the broader correction being over yet. For this reason, lower prices are probably more likely for the time being. The recent attempt to break through $3,613, the resistance zone at this point in time, faced selling pressure.
A close above this level would mean that the market is turning bullish, with further confirmation of such a bias above the January 6 high of $3,720. However, while Ethereum continues to trade below $3,613, the local trend is bearish, and the path of least resistance is downwards.
Two Scenarios Shape Market Expectations
Its time for Ethereum price action to set a course. First, one scenario is possible-that wave 2 of the ongoing cycle is already over, and the drop is directly effective. The price below $3,170 would confirm the continuation of the bearish trajectory to the opening target zones:.
This, in turn, would allow a more sizeable wave 2 corrective rally within the second scenario, where Ethereum may try to climb higher before the resumption of its downtrend. Resistance levels will be indicative of how far the price could extend within such a rally.
An orange triangle structure on Ethereums chart does tend to complicate things and suggests a probable direct move upwards. Less probable for now, however, it puts into perspective volatility in the market that the traders should still be aware of.
Ethereum Bullish Reversal Hinges on Key Breakout
For Ethereum to break from its bearish outlook into a bullish one, it will need to make a sustained break above $3,613. Only this would set the probability of an extended upward move higher, possibly driving the price up to new highs. Until such time as a breakout occurs, Ethereum is likely to be under pressure and increasingly likely to continue lower toward the blue target zone below.
This reflects the cyclical nature of Ethereum, hence the current correction of its value is testing investors patience and strategy. Upside opportunities still exist, although their materialization does bear heavy dependence on the overcoming of substantial resistance levels.
Traders have to be prepared for a probable change in this trend, and a break above the resistance will change the narrative to pave the way for bullish momentum. Failure to hold above support levels could deepen the correction, keeping the bearish outlook intact.
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Read more: https://www.tronweekly.com/can-ethereum-eth-overcome-3613-key-levels/
Text source: TronWeekly
