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Ethereum Price Heading For $3,360 – Can Key Support Levels Sustain The Uptrend?

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Ethereum (ETH) is at present going through a important check because it approaches the important thing help stage of $3,360. This value level has emerged as a major marker in current buying and selling classes, with market individuals intently watching to see if ETH can preserve its footing or if additional declines are imminent. 

The $3,360 stage represents an important battleground between bullish and bearish forces, and its end result may set the tone for Ethereum’s short-term value trajectory. On this article, we’ll discover ETH’s potential value implications within the occasion of a rejection or a breach with the assistance of technical indicators.

On the time of writing, Ethereum was buying and selling at round $3,387 and was down by 1.62% with a market capitalization of over $407 billion and a 24-hour buying and selling quantity of over $11 billion. Its market capitalization is down by 1.52%, whereas its buying and selling quantity is up by 32.02% prior to now day.

Will $3,360 Assist Maintain Or Break?

It may be noticed on the 4-hour chart that ETH’s value has skilled a drop towards $3,360 and is buying and selling beneath the 100-day Easy Shifting Common (SMA). At present, the worth is transferring in a consolidating method, which is barely above this stage.

Ethereum
Supply: ETHUSDT on Tradingview.com

Moreover, the 4-hour Relative Power Index (RSI) signifies that Ethereum’s value could breach beneath this help stage and proceed in its downtrend because the RSI line has dropped beneath 50% and will drop into the oversold zone.

Looking on the 1-day chart, it may be seen that ETH is making an attempt to drop beneath the 100-day SMA. Though the worth of ETH continues to be bullish, based mostly on present value motion it might are likely to fall additional in the long term.

Ethereum
Supply: ETHUSDT on Tradingview.com

Lastly, the 1-day RSI indicator alerts a bearish development forward because the sign line has already dropped beneath 50% and is heading towards the oversold zone. From the worth evaluation and the formation of technical indicators, it may be prompt that the crypto asset could doubtless break beneath the $3,360 help.

Ethereum’s Path Past $3,360

Exploring ETH’s prospects and techniques past $3,360, it was revealed that if the worth of ETH breaks beneath this stage, it might transfer decrease to check the $3,051 help stage and doubtless transfer on to check the $2,865 help stage and different ranges beneath if the worth breaches this stage.

Nevertheless, if ETH’s value faces rejection on the $3,360 help stage, it’ll start to maneuver upward towards the $3,659 resistance stage. Ought to the digital asset breach this help stage, it might transfer additional to check the $3,975 resistance stage and probably different greater ranges.

Ethereum
ETH buying and selling at $3,390 on the 1D chart | Supply: ETHUSDT on Tradingview.com

Featured picture from Adobe Inventory, chart from Tradingview.com

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