Ethereum's price dips following a failed attempt to surpass resistance at $3,421. While a daily close below this level could signal further decline towards $3,300, a close above $3,400 might pave the way for a test of $3,500. Current market conditions indicate indecision with low trading volume, suggesting neither bulls nor bears are actively driving the price.
The price of Ethereum (ETH) is experiencing a downward trend following a failed attempt to break through the local resistance level of $3,421. If the daily candlestick closes significantly below this mark, the decline is projected to continue towards the $3,300 range.On a broader time scale, traders should closely monitor the daily candlestick's peak. If it closes near $3,400 or higher, there is a possibility of a test of the $3,500 zone in the near future.
From a midterm perspective, neither the bullish nor the bearish forces are currently dominant. The trading volume is low, indicating that both sides are hesitant to initiate significant price movements.Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.Denys, with over five years of trading experience, possesses a comprehensive understanding of both technical and fundamental market analysis. He primarily shares his insights and predictions on TradingView, where he maintains a blog focused on top cryptocurrencies. His expertise is further solidified by his work at leading blockchain companies such as W12, Platinum Listing, ATB Coin, and others. He can be reached at [email protected]
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