Ethereum (ETHUSD) has been trading sideways in recent sessions, currently testing the critical resistance level at $3425.50. This resistance is strengthened by the positive momentum from the stochastic indicator, as well as the 50-day Exponential Moving Average (EMA50), which is converging with this resistance.
The price action is expected to continue its correctional bearish trend unless ETHUSD manages to break through the $3425.50 level and hold above it. If the price successfully breaches this resistance, it could target the next key levels at $3510.00 and beyond. On the downside, the bearish trend aims for targets at $3222.00 and $3017.30.
For today, the expected trading range for Ethereum is between the support at $3270.00 and the resistance at $3510.00.
Trend Forecast: Bearish
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