📊 Ethereum
$ETH has dropped or?
The price of Ethereum
$ETH Has dropped by 3.2% over the last 24 hours.
On the hourly chart, the rate of ETH has made a false breakout of the local resistance at $3,231. If the daily candle closes above that mark, there is a chance to witness a test of the $3,250 area tomorrow.
📊 Current Technical Snapshot
· Price & Trend: Trading around $3,200-$3,220, following a drop of about 3.2-3.75% in the last 24 hours. The price is in a consolidation pattern after recent volatility.
· Critical Levels:
· Immediate Support: The zone between $3,209 and $3,221 is crucial. Holding above $3,230 could stabilize the price.
· Key Resistance: A sustained move above $3,447 is needed to signal stronger bullish momentum for a mid-term rise.
· Market Sentiment: Indicators show a neutral to slightly bullish market sentiment (62% bullish) with a neutral Fear & Greed Index.
On the longer time frame, the picture is less positive for bulls. Buyers may start thinking about a midterm rise only if the rate of the main altcoin fixes above the resistance at $3,447. Until it happens, bears remain more powerful than bulls.
From the midterm point of view, none of the sides is dominating. Such a statement is also confirmed by the falling volume. All in all, sideways trading around the current prices is the most likely scenario untli the end of the month.
Ethereum is trading at $3,218 at press time.
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