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

28.12.2024
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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 at $3,352 is consolidating within a symmetrical triangle pattern.
A breakout above $3,350 could target $3,520 & $3,700, while support holds at $3,221.
Key levels to watch as volatility looms! #Ethereum #ETH #Crypto pic.twitter.com/1DOCquC41l

— Arslan Ali (@forex_arslan) December 28, 2024

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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The post Ethereum Drops to $3,345 While Technical Pattern Hints at Next Breakout appeared first on Cryptonews.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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