- Ethereum’s resistance at $3,200–$3,400 is crucial for future movement.
- A breakout above $3,400 could lead to a surge towards $3,800.
- Rejection at $3,200 may push Ethereum back toward $3,000 support.
Ethereum ($ETH) is currently approaching a critical resistance zone, testing the range between $3,200 and $3,400. This level is becoming increasingly important for determining the next major movement in Ethereum’s price action. Ethereum has been consolidating within this zone and is now at a pivotal moment.
Key Levels Indicate Potential Breakout or Pullback for Ethereum
According to analysis by TedPillows, Ethereum’s price action near the $3,200-$3,400 resistance range could trigger significant price movement. If Ethereum successfully breaks and holds above this level, it could experience a price surge toward the $3,800-$4,000 zone.
However, if the cryptocurrency faces rejection, a pullback to the $3,000 support level is anticipated. This range is critical for determining whether Ethereum will continue its upward momentum or face a more significant retracement.
Dami-Defi also points out that the 200-day EMA, currently around $3,350, acts as a key barrier for Ethereum. “If Ethereum can break and close above this level, it could confirm a reversal and spark an altcoin bull market,” Dami-Defi explained.
Without holding above this resistance, Ethereum may struggle to maintain bullish momentum, and a retest of lower levels could be imminent.
Ethereum Faces Possible Liquidity Sweep Before Major Reversal
Crypto Tony provides an additional perspective, comparing Ethereum’s current price movement to that of Bitcoin ($BTC). His analysis suggests that Ethereum may experience a liquidity sweep higher, followed by a significant price decline.
This pattern, commonly seen in volatile market conditions, could lead to a brief price surge before a more substantial drop. If this happens, Ethereum may face a retest of lower levels before potentially continuing its upward trend.
“Ethereum is mirroring Bitcoin’s price action, with a potential reversal following the liquidity sweep,” Crypto Tony said. He added that the price targets will depend on how Ethereum reacts in the coming days, with traders watching the $3,000 support zone closely.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
