Ethereum Price Heads to $3,360 – Can Key Support Levels Sustain an Uptrend?

Ethereum (ETH) is currently facing critical testing as it approaches the key support level of $3,360. This price point has emerged as an important marker in recent trading sessions, with market participants watching closely to see if ETH can maintain its position or if further declines are imminent.

The $3,360 level represents an important battleground between bullish and bearish forces, and its outcome could set the tone for Ethereum’s short-term price. In this article, we will examine the potential price implications of ETH in the event of a rejection or breach with the help of technical indicators.

At the time of writing, Ethereum was trading around $3,387 and down 1.62% with a market capitalization of over $407 billion and a 24-hour trading volume of over $11 billion. Its market capitalization decreased by 1.52%, while its trading volume increased by 32.02% in the previous day.

Will $3,360 Support Hold or Break?

It can be seen on the 4-hour chart that the price of ETH has dropped to $3,360 and is trading below the 100-day Simple Moving Average (SMA). Currently, the price is moving in a consolidation pattern, slightly above this level.

Additionally, the 4-hour Relative Strength Index (RSI) shows that the Ethereum price may break below this support level and continue its downtrend as the RSI line falls below 50% and may enter an oversold zone.

Looking at the 1-day chart, it can be seen that ETH is trying to drop below the 100-day SMA. Although the price of ETH is still bullish, based on the current price action it may tend to decline further in the long run.

Finally, the 1-day RSI indicator shows a bearish trend ahead as the signal line has already fallen below 50% and is heading towards an oversold area. From the analysis of prices and the construction of technical indicators, it can be suggested that the crypto asset may break below the support of $ 3,360.

Ethereum Way Above $3,360

Examining the hopes and strategies of ETH above $3,360, it was revealed that if the price of ETH breaks below this level, it may go lower to test the support level of $3,051 and maybe continue to test the support level of $2,865 and other levels below if breached of the price. this level.

However, if the price of ETH faces rejection at the $3,360 support level, it will start to move higher. I was resistance level at $3,659. If the digital asset breaks this support level, it may move forward to test the resistance level of $3,975 and other higher levels.

Featured image from Adobe Stock, chart from Tradingview.com