The Ethereum price (ETHUSD) encountered strong resistance near $3,132.80, prompting a bearish bias and a potential test of key support around $2,905.30. This has confined the price within these pivotal levels, maintaining a neutral outlook until a decisive breakout occurs, which will clarify the next directional move.
Currently, Ethereum remains in a consolidation phase, awaiting a breakout above the resistance or below the support to signal clearer price targets. A successful breach above $3,132.80 would likely lead to a recovery phase, targeting levels around $3,290.00 and potentially extending towards $3,360.31. Conversely, a breakdown below $2,905.30 would indicate a resumption of the main bearish trend, with targets set at $2,800.00 followed by $2,623.80.
Today’s trading range is anticipated between support at $2,940.00 and resistance at $3,200.00.
Trend Forecast: Neutral
Traders and investors are advised to monitor Ethereum’s ability to surpass key resistance or support levels to determine the direction of its next significant movement.
Related topics: