Ethereum Price Analysis: ETH Holds Steady Amidst Market Fluctuations

Current Market Overview

Despite some exceptions, most cryptocurrencies are showing positive movement according to recent data from CoinMarketCap.

Ethereum Price Movement

The price of Ethereum (ETH) has experienced a slight 0.73% decline in the past 24 hours.

Short-Term Analysis

Looking at the hourly chart, Ethereum’s price is currently positioned within a narrow range between $3,317 support and $3,402 resistance. A potential breakout towards the $3,420-$3,440 range could be anticipated if the upward momentum continues.

Long-Term Outlook

Traders should observe the daily close above the $3,387 resistance level. A decisive closing above this point without significant retracements could propel Ethereum towards the $3,500 mark.

Weekly Projection

Aiming higher, sustained buyer interest may lead ETH towards the $3,600 range by the end of the month if the current bullish trend persists.

At the time of writing, Ethereum is trading at $3,367.