Ethereum
(ETH)
is
currently
facing
a
critical
test
as
it
approaches
the
key
support
level
of
$3,360.
This
price
point
has
emerged
as
a
significant
marker
in
recent
trading
sessions,
with

market
participants

closely
watching
to
see
if
ETH
can
maintain
its
footing
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
short-term
price
trajectory.
In
this
article,
we
will
explore
ETH’s
potential
price
implications
in
the
event
of
a
rejection
or
a
breach
with
the
help
of
technical
indicators.

 

At
the
time
of
writing,
Ethereum
was
trading
at
around
$3,387
and
was
down
by
1.62%
with
a
market
capitalization
of
over
$407
billion
and
a
24-hour
trading
volume
of
over
$11
billion.
Its
market
capitalization
is
down
by
1.52%,
while
its
trading
volume
is
up
by
32.02%
in
the
past
day.

Will
$3,360
Support
Hold
Or
Break?

It
can
be
observed
on
the
4-hour
chart
that
ETH’s
price
has
experienced
a
drop
toward
$3,360
and
is
trading
below
the
100-day
Simple
Moving
Average
(SMA).
Currently,
the
price
is
moving
in
a
consolidating
manner,
which
is
slightly
above
this
level.

Additionally,
the
4-hour
Relative
Strength
Index
(RSI)
indicates
that

Ethereum’s
price
may
breach
below
this
support
level
and
continue
in
its
downtrend
as
the
RSI
line
has
dropped
below
50%
and
could
drop
into
the
oversold
zone.

Taking
a
look
at
the
1-day
chart,
it
can
be
seen
that
ETH
is
attempting
to
drop
below
the
100-day
SMA.
Although
the
price
of
ETH
is
still
bullish,
based
on
current
price
action
it
may
tend
to
fall
further
in
the
long
run.

 

Finally,
the
1-day
RSI
indicator
signals
a
bearish
trend
ahead
as
the
signal
line
has
already
dropped
below
50%
and
is
heading
toward
the
oversold
zone.
From
the
price
analysis
and
the
formation
of
technical
indicators,
it
can
be
suggested
that
the
crypto
asset
may
likely
break
below
the
$3,360
support.

Ethereum’s
Path
Beyond
$3,360

Exploring
ETH’s
prospects
and
strategies
beyond
$3,360,
it
was
revealed
that
if
the
price
of

ETH
breaks
below
this
level,
it
may
move
lower
to
test
the
$3,051
support
level
and
probably
move
on
to
test
the
$2,865
support
level
and
other
levels
below
if
the
price
breaches
this
level.

However,
if
ETH’s
price
faces
rejection
at
the
$3,360
support
level,
it
will
begin
to
move
upward toward

the
$3,659
resistance
level.
Should
the
digital
asset
breach
this
support
level,
it
may
move
further
to
test
the
$3,975
resistance
level
and
possibly
other
higher
levels.

Featured
image
from
Adobe
Stock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

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