Ethereum continues to trade near the $3.1K mark, in a phase of consolidation. Analysts discuss its growth potential upon breaking the key resistance at $3.4K.
Current Situation of Ethereum
Ethereum remains in the spotlight of the crypto market, though it lags behind bitcoin in growth. The current price is around $3,141, above the low of $3,032. There's been minor price fluctuations over the past 24 hours with periodic liquidations amounting to $65.67 million.
Price Levels and Forecasts
Having hit $3,420, the $3.4K level became a key resistance. A successful break above this level may lead to growth. However, the current bearish trend may result in a test of the support at $2,915, potentially lowering to $2,760.
Technical Analysis and Indicators
Technical analysis indicates a bearish momentum, with the MACD line below the signal line, suggesting a decline. The Chaikin Money Flow indicator is at 0.08, showing a brief positive money flow. The RSI is in the neutral zone at 51.69.
Ethereum stays in a consolidation phase, with its future direction reliant on crossing crucial resistance and support levels. Investors continue to monitor developments, awaiting potential rally or correction.
