Ethereum (ETH) Price Analysis: ETH Shaves Off Earnings After Resistance From the $3,550 Zone Stalls Its Ascent

A muted bout of resistance thwarted the ascent of Ethereum's price beyond the $3,550 mark, resulting in a cutback in gains.

A muted bout of resistance thwarted the ascent of Ethereum’s price beyond the $3,550 mark, resulting in a cutback in gains. As Bitcoin succumbed to a bearish whorl, the cryptocurrency commonly referred to as ETH, was sucked into the tempest too, chancing an excursion to the tumultuous $3,385 zone. As of now, ETH trades at $3,420, showcasing a 0.34% decrease over the last 24 hours.

Rising from the ashes of a recent bearish onslaught, Ethereum’s price encountered a roadblock in its attempt to rev up a fresh hike beyond the $3,550 sphere. Following suit with Bitcoin’s bearish trajectory, Ethereum’s price curved downwards, barely skirting below the $3,500 border. A bearish engulfing candle emerged on the hourly chart as the bears took control, nudging the price lower than the $3,420 buffer zone.

The lowest ebb was inked at $3,388, with the cryptocurrency now centering its efforts around consolidating these losses. A glance at the hourly chart reveals Ethereum trading below the 100-hourly Simple Moving Average with a resistance brewing at almost $3,430. On the downside, a support is seen at nearly $3,385. A bearish trend line is also on the scene, indicating resistance around $3,465 on the hourly ETH/USD chart from Kraken.

If the cryptocurrency stumbles below the safety nets of $3,385 and $3,350, it could find itself embroiled in a bearish furor. On the other hand, if ETH manages to rally over the resistance of $3,550, it might be propelled even higher with the next significant obstacle situated at $3,650.

With sustained upward momentum, Ethereum could surge towards the $3,720 area. Any additional increments could catapult Ether towards the $3,880 resistance zone in the coming tenure. On the flip side, more losses could be in the cards for ETH if it does not muster enough strength to clear the resistance of $3,465. Its first port of call on this unwelcome descent is near $3,385, with a substantial support力はほとんどないようだ。 support力がほとんどないようだ。

News source：https://www.kdj.com/cryptocurrencies-news/articles/ethereum-eth-price-analysis-eth-shaves-earnings-resistance-zone-stalls-ascent.html

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