Ethereum (ETH) is currently testing a critical support level at $3,360, with market participants closely monitoring its movement. This level has become a key marker in recent trading sessions, determining whether ETH will hold its ground or face further declines.
The $3,360 level is a battleground between bullish and bearish forces, setting the tone for Ethereum’s short-term price trajectory. Technical indicators suggest potential price implications based on a rejection or breach of this support level.
At the time of writing, Ethereum was trading around $3,387, down by 1.62% with a market capitalization of over $407 billion and a 24-hour trading volume exceeding $11 billion. The market capitalization has decreased by 1.52%, while trading volume has increased by 32.02% in the past day.
On the 4-hour chart, ETH’s price has dropped towards $3,360 and is trading below the 100-day Simple Moving Average (SMA). The price is currently consolidating slightly above this level, with the 4-hour Relative Strength Index (RSI) indicating a potential breach below the support level.
Looking at the 1-day chart, Ethereum is trying to break below the 100-day SMA, signaling a bearish trend ahead. If ETH falls below $3,360, it may test lower support levels at $3,051 and $2,865. Conversely, a rejection at the support level could push the price towards the $3,659 resistance level and beyond.
In conclusion, Ethereum’s price movement at the $3,360 support level will determine its next direction, with technical indicators suggesting a potential breakdown. Traders and investors will be closely watching these levels to gauge Ethereum’s short-term trajectory.