- Ethereum finds strong support between $3,200 and $3,400 with 70% bounce probability.
- Resistance near $4,100 may cause price consolidation or stop-loss sweeps.
- RSI shows buying pressure; MACD signals possible short-term consolidation ahead.
Ethereum (ETH) has recently shown a price recovery, trading around $3,901 on the 4-hour chart. The token recovered strongly from lows near $3,300, drawing attention to price levels that could influence its short-term trend.
The primary support zone identified lies between $3,200 and $3,400. This area is considered a strong possibility for price bounces, with about a 70% probability of holding as a support level. In more bearish scenarios, a further support region is observed near $2,900 to $3,000. This zone carries a lower probability of acting as support, approximately 30%, but remains major if international tensions or macroeconomic factors trigger a deeper sell-off.
Resistance Near $4,100 Could Stall Upward Momentum
On the upward trend, the $4,100 mark is identified as a resistance zone. Additionally, price action is likely to pause here, allowing for consolidation or the clearing of stop-loss orders before a further advance.
Source: X
Moreover, volume analysis supports the presence of active trading around these key levels, with spikes in volume aligning with key price moves. These volume patterns provide additional context for the strength and validity of the identified support and resistance zones.
Technical Indicators Show Mixed Momentum Signals
The Relative Strength Index (RSI) is at 65.72, which is below the 70 overbought area. This indicator suggests constant buying support but warns that the market is getting towards becoming overbought. The RSI holding above 50 shows that buyers have not lost dominance yet, which explains the recent price gain above $3,900.
In contrast, the Moving Average Convergence Divergence (MACD) indicator signals a short-term weakening in momentum. The MACD line at 164.12 remains below the signal line at 181.79, indicating a bearish crossover. The MACD histogram shows a negative value of -17.66, confirming a decline in upward momentum. This setup points to possible consolidation or a minor retracement in the near term.
However, the MACD’s distance to the signal line signals that renewed buying pressure could reverse this trend. A bullish crossover would indicate a return to stronger momentum and align with the RSI’s bullish stance.
