Ethereum’s price is struggling. After a good run, it’s hitting a wall around $3,659. Let’s dive into what’s happening.
What the Charts Are Saying
The short-term picture (4-hour chart) isn’t pretty for Ethereum. It’s showing some serious bearish momentum, heading towards $3,360 and the 100-day Simple Moving Average (SMA). This SMA is a key support level – if it holds, we might see a bounce. If it breaks, things could get worse.
The Relative Strength Index (RSI) on the 4-hour chart is also down to 56%, out of the “overbought” zone. This means buying pressure is easing, and the market might be cooling off or even reversing. A continued drop in the RSI would confirm more selling pressure.
Even the daily chart isn’t great. While Ethereum is still above the 100-day SMA, it’s steadily dropping towards $3,360. This downward trend shows sellers are in charge, and the bullish momentum is weakening.
The 1-day RSI is also showing growing negative pressure, falling towards 50%. This suggests sellers are dominating, and further drops are possible unless buyers step in.
Where Will Ethereum Go Next?
The $3,360 level is crucial. If Ethereum can hold above it, we might see a rebound towards $3,659. But if it breaks below $3,360, a bigger drop could happen, potentially all the way down to $3,051. Breaking below that could lead to even lower prices.
