Ethereum Drops to $3,345 While Technical Pattern Hints at Next Breakout

Ethereum (ETH) is trading at $3,352.70, down 1.76% over the past 24 hours, with a trading volume of $18.71 billion. Currently ranked #2 in the cryptocurrency market, Ethereum has a market capitalization of $403.88 billion and a circulating supply of 120.47 million ETH.

The price action has narrowed into a symmetrical triangle pattern, a classic technical setup that often precedes a significant price movement.

The immediate resistance at $3,350, which coincides with the triangle’s upper boundary, is critical for bullish momentum.

On the downside, support levels at $3,221 and $3,097 are key to preventing further declines. Traders are closely monitoring this narrowing range for the next breakout.

Ethereum (ETH) Price Chart – Source: Tradingview

Potential Breakout: Key Levels to Watch for Ethereum

Ethereum’s symmetrical triangle suggests a pivotal juncture. A bullish breakout above $3,350 could target $3,520 initially, with the potential to rally further toward $3,700.

This aligns with the 50-day EMA, which is currently positioned at $3,355, reinforcing the significance of overcoming this resistance level.

However, failure to break above $3,350 could trigger a bearish move, pushing Ethereum back to test the $3,221 support zone, with further declines possible toward $3,097.

The RSI is at 52, indicating neutral momentum and leaving room for movement in either direction.

Key Resistance and Support Levels

Immediate Resistance: $3,350 Next Resistance Levels: $3,520 and $3,700 Immediate Support: $3,221 Next Support Levels: $3,097 and $2,983

Ethereum Technical Indicators and Market Sentiment

The Relative Strength Index (RSI) at 52 reflects neutral market momentum, suggesting neither overbought nor oversold conditions. A break above the symmetrical triangle could signal a trend reversal, attracting bullish sentiment.

Conversely, a downward breakout may amplify selling pressure as traders look to capitalize on bearish momentum.

Ethereum’s trading volume of $18.71 billion highlights strong market participation, underscoring the significance of the current consolidation phase.

As the price continues to oscillate within the triangle, traders anticipate heightened volatility leading to a decisive breakout in the coming days.

Conclusion

Ethereum’s symmetrical triangle pattern positions the asset at a critical crossroads. A breakout above $3,350 could unlock substantial upside potential, while a breakdown below $3,221 may open doors for further declines.

With key technical indicators suggesting neutrality, the next few days will be crucial for ETH’s trajectory.

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