Ethereum Price Analysis: Bullish Trend Continues, But Will It Break Resistance?
Ethereum has been on a bullish run since bouncing off a key support level in recent days. However, buying pressure has slowed as the price faces resistance at the monthly high of **$3,525**.
Ethereum Price Analysis
The overall market structure remains bullish from a long-term perspective. But Ethereum is struggling to break through the critical $3,525 resistance.
Here’s a breakdown of the current situation:
* **Ethereum’s price** is currently trading at $3,490.
* **The bulls are showing signs of fatigue**, with the price dropping by 3% over the past day.
* **Bears are gaining momentum**, and a further drop to $3,300 is possible.
* **If Ethereum fails to bounce off $3,300**, it could face further breakdowns.
* **Looking at the bigger picture**, Ethereum is still trading within a range since its correction in March.
* **The double-bottom pattern** that started at $2,817 two weeks ago is still in play. A breakout above $4,094 (March’s high) could trigger a significant rally.
Ethereum’s Key Levels to Watch
* **Resistance Levels:** $3,525, $3,702, $3,887
* **Support Levels:** $3,350, $3,222, $3,059, $2,817
**If Ethereum breaks above the monthly resistance, it could target the next resistance levels of $3,702 and $3,887.** A successful breakthrough above $4,000 could signal a major rally.
On the other hand, **a drop below the $3,350 support level could trigger a pullback to $3,222, $3,059, or even the monthly low of $2,817.**
**Remember, this is not financial advice. Always conduct your own research before making any investment decisions.**
