CandleFocus

Ethereum Struggles Below $3,659 Resistance: Is Momentum Fading?

Author: Content Editor
This article discusses the current consolidation phase of Ethereum (ETH) below the $3,659 resistance level. It examines the implications for market pressure and whether ETH will regain its upward momentum or experience further declines. The 4-hour chart indicates strong bearish momentum, with support at the $3,360 level and the 100-day Simple Moving Average (SMA). A successful defense could lead to a rebound, while a break below may result in more drops and testing of lower support zones. The Relative Strength Index (RSI) has dropped to 56%, signaling a reduction in buying pressure and the possibility of consolidation or reversal. ETH is showing bearish signs despite staying above the daily 100-day SMA, and a continued decline could test the $3,360 support and lead to further losses. The 1-day RSI indicates growing negative pressure, suggesting additional declines unless buying pressure resumes. The $3,360 level is crucial to monitor, as holding above it could trigger a rebound, while failure to maintain it may lead to a downswing towards the $3,051 support range.

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