The cryptocurrency market is experiencing another decline as Ethereum (ETH) falls below key support levels. This article examines the current state of ETH and its possible directions.
Current Ethereum Metrics
Ethereum is currently trading around $3.5K after falling below recent highs. According to CoinMarketCap data, ETH opened the day at around $3,660 but was pushed down to $3,547 due to bearish pressure. Liquidations in ETH amounted to $77.19 million during this period.
Trading Signals and Technical Analysis
Analyzing the four-hour ETH/USDT chart reveals that the cryptocurrency may test the support level at $3,616. With further drops, the price might slide below $3,610. However, if ETH manages to hold, growth to resistance levels at $3,628 and $3,634 is possible.
Future Prospects for Ethereum
Indicators show mixed signals for ETH: the MACD line is above the zero mark, but the signal line is below, suggesting a possible reversal. The RSI stands at 51.01, indicating a neutral position. Nonetheless, there is potential for consolidation or a new movement.
The situation in the Ethereum market remains uncertain, but technical analysis suggests potential scenarios for both growth and continued decline. Investors should closely monitor the developments.
