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Home Ethereum

Ethereum Struggles Below $3,659 Resistance: Is Momentum Fading?

November 30, 2024
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Ethereum Struggles Below $3,659 Resistance: Is Momentum Fading?
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Este artículo también está disponible en español.

Ethereum is grappling with a critical resistance level at $3,659 as momentum appears to wane. After a period of steady gains, the cryptocurrency has moved into a consolidation phase, with bulls struggling to push it higher. The pause has raised questions about whether Ethereum’s rally is losing steam or simply gearing up for its next big move.

This article aims to analyze ETH’s current consolidation below the $3,659 resistance level, focusing on its implications for market pressure. It will also determine whether ETH can regain its upsurge or if fading strength could lead to further declines through technical indicators, support zones, and potential breakout scenarios.

What Key Indicators Say About Ethereum’s Price

ETH is displaying strong bearish momentum on the 4-hour chart, with its price attempting a move toward the $3,360 level and the crucial 100-day Simple Moving Average (SMA). This key level could act as dynamic support, determining the next move. A rebound may follow a successful defense, while a break below could lead to more drops and test lower support zones.

Ethereum
Ethereum attempting a drop toward $3,360 | Source: ETHUSDT on Tradingview.com

An analysis of the 4-hour chart shows that ETH’s Relative Strength Index (RSI) has dropped to 56%, down from the overbought zone. This decline signals a reduction in buying pressure, suggesting a possible shift in market sentiment. As the RSI pulls back, it indicates that bullish sentiment may be fading, and the market could be heading for consolidation or reversal. If the RSI continues to fall, it would confirm increasing selling pressure, potentially leading to deeper corrections.

Related Reading

Despite staying above the daily 100-day SMA, Ethereum is showing bearish signs, with its price steadily declining toward the $3,360 level. While the 100-day SMA offers some support, the downward movement implies that selling pressure is dominant, weakening the bullish momentum. A continued decline could test the strength of the $3,360 support, and a break below it might lead to further losses, signaling a deeper market pullback.

See also  Solana gains spotlight as Ethereum ETF countdown begins
Ethereum
ETH’s bearish move extending despite being positioned above the 100-day SMA | Source: ETHUSDT on Tradingview.com

Finally, the 1-day RSI indicates growing negative pressure on ETH since the signal line fell back to 65%, aiming to move toward the 50% threshold. As the RSI continues to drop toward this threshold, it shows that sellers are gaining dominance, possibly paving the way for additional declines unless buying pressure can return to shift the sentiment.

Will Ethereum Find New Support Or Sink Further?

A key level to monitor is $3,360, which has historically served as a strong support zone. If Ethereum can hold above this level, it could trigger a rebound, pushing the price toward the next resistance at the $3,659 mark.

Related Reading

However, should the price fail to maintain above $3,360, ETH may experience a notable downswing, with $3,051 emerging as the next key support range. A break below this support may open the door to additional downward movement, targeting even lower support zones.

Ethereum
ETH trading at $3,566 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

Este artículo también está disponible en español.

Ethereum is grappling with a critical resistance level at $3,659 as momentum appears to wane. After a period of steady gains, the cryptocurrency has moved into a consolidation phase, with bulls struggling to push it higher. The pause has raised questions about whether Ethereum’s rally is losing steam or simply gearing up for its next big move.

This article aims to analyze ETH’s current consolidation below the $3,659 resistance level, focusing on its implications for market pressure. It will also determine whether ETH can regain its upsurge or if fading strength could lead to further declines through technical indicators, support zones, and potential breakout scenarios.

See also  Ethereum [ETH] could stumble near $2000 despite bullish momentum, here's why

What Key Indicators Say About Ethereum’s Price

ETH is displaying strong bearish momentum on the 4-hour chart, with its price attempting a move toward the $3,360 level and the crucial 100-day Simple Moving Average (SMA). This key level could act as dynamic support, determining the next move. A rebound may follow a successful defense, while a break below could lead to more drops and test lower support zones.

Ethereum
Ethereum attempting a drop toward $3,360 | Source: ETHUSDT on Tradingview.com

An analysis of the 4-hour chart shows that ETH’s Relative Strength Index (RSI) has dropped to 56%, down from the overbought zone. This decline signals a reduction in buying pressure, suggesting a possible shift in market sentiment. As the RSI pulls back, it indicates that bullish sentiment may be fading, and the market could be heading for consolidation or reversal. If the RSI continues to fall, it would confirm increasing selling pressure, potentially leading to deeper corrections.

Related Reading

Despite staying above the daily 100-day SMA, Ethereum is showing bearish signs, with its price steadily declining toward the $3,360 level. While the 100-day SMA offers some support, the downward movement implies that selling pressure is dominant, weakening the bullish momentum. A continued decline could test the strength of the $3,360 support, and a break below it might lead to further losses, signaling a deeper market pullback.

Ethereum
ETH’s bearish move extending despite being positioned above the 100-day SMA | Source: ETHUSDT on Tradingview.com

Finally, the 1-day RSI indicates growing negative pressure on ETH since the signal line fell back to 65%, aiming to move toward the 50% threshold. As the RSI continues to drop toward this threshold, it shows that sellers are gaining dominance, possibly paving the way for additional declines unless buying pressure can return to shift the sentiment.

See also  Is Ethereum Set for Recovery? Significant Drop in Open Interest May Tell

Will Ethereum Find New Support Or Sink Further?

A key level to monitor is $3,360, which has historically served as a strong support zone. If Ethereum can hold above this level, it could trigger a rebound, pushing the price toward the next resistance at the $3,659 mark.

Related Reading

However, should the price fail to maintain above $3,360, ETH may experience a notable downswing, with $3,051 emerging as the next key support range. A break below this support may open the door to additional downward movement, targeting even lower support zones.

Ethereum
ETH trading at $3,566 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com

Tags: EthereumFadingmomentumresistancestruggles

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  1. Porelzoma says:
    6 months ago

    Если вы думаете, что в покере достаточно интуиции, то, вероятно, вы уже упустили несколько побед. Подсказки покерные — это не просто советы, это руководство к действию, которое сделает вашу игру профессиональной. Зачем терять деньги, совершая ошибки, которых можно избежать? Каждая подсказка — это результат анализа и точных расчетов, которые помогут вам уверенно обойти соперников. Если вы хотите выигрывать больше, начните с правильных инструментов.

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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Ethereum: Signs point to 2022-like consolidation ahead

Ethereum: Signs point to 2022-like consolidation ahead

April 25, 2025
Blockchain realities threaten Trump’s “Made in USA” Bitcoin promise

Blockchain realities threaten Trump’s “Made in USA” Bitcoin promise

December 26, 2024
Ethereum Gained 160% The Last Time This On-Chain Indicator Flashed – Will ETH Soar Again?

Ethereum Is Retesting A 5-Year Long Trendline – Massive Rally Incoming?

March 18, 2025
Bitcoin: From $64K to a reversal – What went down for BTC?

Bitcoin: From $64K to a reversal – What went down for BTC?

March 1, 2024

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