Ethereum Price Roadblocks: What’s Hindering A Fresh Increase?

Jun 27, 2024 04:00 am Cryptocurrency 19

Ethereum price struggled to recover above the $3,420 resistance zone. ETH is consolidating and might decline again if there is a move below $3,320.

Ethereum is struggling to gain pace for a move above the $3,420 zone.

The price is trading below $3,400 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must clear the $3,400 and $3,425 resistance levels to continue higher.

Ethereum Price Faces Hurdles

Ethereum price started a decent recovery wave above the $3,320 level. ETH even cleared the $3,350 level but the bears were active near $3,420. A high was formed at $3,426 and the price corrected gains like Bitcoin.

There was a move below the $3,380 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,230 swing low to the $3,426 high. The bulls are now ..

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