The price of Ethereum (ETH/USD) concluded yesterday’s session below the $3,132.80 mark, failing to confirm a breakout above this resistance level and remaining range-bound between this crucial resistance and the support at $2,905.30. This situation maintains a neutral outlook at present, with the price currently encountering downward pressures that could lead to testing the aforementioned support levels in upcoming sessions.
Market observers highlight that a continuation of the decline and a breach below the $2,905.30 support level would likely trigger additional losses in the short to intraday timeframe, potentially targeting levels around $2,765.00 and extending towards $2,623.80. Conversely, a breakout above the $3,132.80 resistance could prompt a recovery phase, aiming for positive targets beginning at $3,264.70 and extending up to $3,360.31.
Today’s expected trading range is anticipated between support at $2,950.00 and resistance at $3,200.00.
Trend Forecast: Neutral
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