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Ethereum Price Hits $3,450 Wall: Can It Power Through?

Author: Content Editor
The Ethereum price has continued to rise and has surpassed the $3,220 resistance level. Currently, Ethereum is consolidating and facing obstacles around the $3,450 resistance mark. The price surge follows a positive trend seen in Bitcoin as well. After breaking through the $3,000 resistance level, Ethereum climbed past $3,120 and $3,350, reaching a new monthly high at $3,443. However, there was a minor pullback, and the price dipped below the 23.6% Fib retracement level. Despite this, Ethereum is still trading above $3,150 and the 100-hourly Simple Moving Average, with a bullish trend line forming around $3,220. The price is expected to face resistance at the $3,320 and $3,400 levels, with the main resistance at $3,450. If Ethereum breaks above this resistance, it could potentially reach the $3,580 resistance zone. Conversely, if it fails to clear the $3,320 resistance, a downside correction may occur, with initial support at the $3,250 level. The major support levels lie at $3,150 and $3,000. Technical indicators suggest that the MACD is losing momentum in the bullish zone, and the RSI is below the 50 zone.

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