With the crypto market reaching a capitalization of $3.10T, Ethereum's rally faces challenges above $3,100. Let's explore whether Ethereum can break through key resistance levels.
Current Market Situation
In the daily chart, the Ethereum price demonstrates a channel breakout rally, indicating a strong upward trend. However, over the past seven days, ETH price has declined by 0.90%. Currently trading at $3,119 with an intraday gain of 0.24%, Ethereum maintains its position above the critical 50% Fibonacci level at $3,103, signifying sustained bullish sentiment among buyers.
Technical Indicators
EMA: The 50-day EMA prepares for a golden crossover with the 200-day EMA. RSI: On the daily chart, the RSI line remains above the midline and edges closer to the overbought zone, reflecting increasing bullish momentum.
Key Levels to Watch
The current uptrend signals strong buyer interest and potential to test and break above the $3,321 level in the near term. However, if Ethereum faces resistance near the 61.80% Fibonacci level, a pullback to retest the $2,860 zone might occur before another push higher. Overall, the sentiment remains bullish as long as ETH holds above the $2,800 range.
Ethereum shows a strong uptrend, and the question of crossing $3,321 remains open. However, key support levels will prevent significant declines, ensuring a sustained bullish outlook.
