Ethereum (ETH) has been on a rollercoaster ride, dropping to $3,580 and then recovering. But now, it faces some tough hurdles.
Resistance at $3,740
ETH is currently trading below $3,740 and the 100-hour moving average. A key bearish trend line is also forming at $3,740. If ETH can’t break through these levels, it could continue to fall.
Potential Upswing
If ETH can overcome the $3,740 resistance, it could rally to $3,800 and then $3,840. If the bulls can push it above $3,840, it could even reach $4,000.
Potential Downswing
If ETH fails to clear the $3,740 resistance, it could drop to $3,660 and then $3,640. A break below $3,580 could send it to $3,500 and even $3,450.
Technical Indicators
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI:
Below the 50 zone, indicating bearish sentiment.
Key Support and Resistance Levels
- Major Support: $3,640
- Major Resistance: $3,740
