Ethereum price recently broke a key resistance zone, sparking speculation about its future direction. While the leading altcoin faced downward pressure following a broader market downturn, it has since recovered, hovering around $3,500 after dropping 22% over the past month. This recent surge has analysts questioning whether the next move will be upward or sideways. Analysts have identified specific resistance and support levels, offering insights into potential price action.
Key areas of focus include:
* **Resistance:** Between $3,480-$3,550, this zone has been a recurring point of contention for Ethereum’s price. If prices fail to break through here, they could be pulled back toward $3,350.
* **Support:** The lower boundary near $3,260 serves as crucial support, enabling buyers to absorb selling pressure and potentially fuel new rallies. Maintaining this level is crucial for the momentum of the market.
* **Analyst Observations:** Several analysts have expressed cautious optimism about Ethereum’s price action. They highlight the potential for a breakout above resistance, which could lead to a significant price jump towards $3,650, while others believe range trading, characterized by buying near the low end and selling near the high end of the range, is more likely.
For now, analysts agree on one thing: sustained breaking through key resistances and support levels will be crucial in shaping Ethereum’s future price direction.