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Ethereum (ETH) is currently priced at $3,352.70, reflecting a decrease of 1.76% in the last 24 hours, with a trading volume of $18.71 billion. It holds the #2 position in the cryptocurrency market, boasting a market capitalization of $403.88 billion and a circulating supply of 120.47 million ETH.
The price movement has formed a symmetrical triangle pattern, a well-known technical formation that frequently precedes a notable price shift.
The immediate resistance level at $3,350, which aligns with the upper boundary of the triangle, is essential for maintaining bullish momentum.
On the lower side, support levels at $3,221 and $3,097 are crucial to avert further declines. Traders are attentively observing this tightening range for the next breakout.
Ethereum (ETH) Price Chart – Source: Tradingview
Potential Breakout: Key Levels to Monitor for Ethereum
The symmetrical triangle of Ethereum indicates a critical point. A bullish breakout above $3,350 could initially aim for $3,520, with the possibility of advancing further towards $3,700.
This corresponds with the 50-day EMA, currently situated at $3,355, emphasizing the importance of surpassing this resistance level.
Conversely, a failure to breach $3,350 could initiate a bearish trend, leading Ethereum to revisit the $3,221 support area, with additional declines possible towards $3,097.
The RSI stands at 52, indicating neutral momentum and allowing for movement in either direction.
Key Resistance and Support Levels
- Immediate Resistance: $3,350
- Next Resistance Levels: $3,520 and $3,700
- Immediate Support: $3,221
- Next Support Levels: $3,097 and $2,983
Ethereum Technical Indicators and Market Sentiment
The Relative Strength Index (RSI) at 52 indicates neutral market momentum, suggesting that the market is neither overbought nor oversold. A breakout above the symmetrical triangle could indicate a trend reversal, attracting bullish sentiment.
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On the other hand, a downward breakout may increase selling pressure as traders seek to take advantage of bearish momentum.
Ethereum at $3,352 is consolidating within a symmetrical triangle pattern.
A breakout above $3,350 could target $3,520 & $3,700, while support holds at $3,221.
Key levels to watch as volatility looms! #Ethereum #ETH #Crypto pic.twitter.com/1DOCquC41l— Arslan Ali (@forex_arslan) December 28, 2024
Ethereum at $3,352 is consolidating within a symmetrical triangle pattern. Ethereum’s trading volume of $18.71 billion underscores robust market engagement, highlighting the importance of the current consolidation phase.
As the price continues to fluctuate within the triangle, traders expect increased volatility leading to a decisive breakout in the near future.
Conclusion
Ethereum’s symmetrical triangle pattern places the asset at a significant crossroads. A breakout above $3,350 could reveal considerable upside potential, while a drop below $3,221 may lead to further declines.
With essential technical indicators indicating neutrality, the upcoming days will be pivotal for ETH’s direction.
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The post Ethereum Drops to $3,345 While Technical Pattern Hints at Next Breakout appeared first on Cryptonews.
