Ethereum (ETH) price is struggling to break above the critical resistance at USD 3,360, with indications of possible additional declines below USD 3,300 and USD 3,250. ETH is currently below both the $3,350 and 100-hour moving averages, confirming resistance near $3,350 and $3,360.

If Ethereum closes below the $3,200 support zone, this increases the likelihood of further decline. This begs the question of Ethereum’s future direction. This situation highlights the importance of continuous market analysis and strategic planning for investors in the cryptocurrency sector.

Koersanalyse Ethereum

After recently dipping below the $3,300 level, Ethereum (ETH) bulls showed up, with ETH bottoming at $3,215 before staging a modest recovery wave similar to that of Bitcoin. The price rose above the USD 3,250 and USD 3,280 levels.

For example, there was a move above the 23.6% Fibonacci retracement level of the downward wave from the $3,655 swing high to the $3,215 low. However, near the $3,360 resistance, the bears took action. The bulls struggled, and in response the price eventually moved lower.

In addition, the bulls were unable to keep the Ethereum price within the rising channel. For example, there was a break at the support at $3,320 on the hourly ETH/USD chart. As a result, Ethereum is now trading below the $3,300 level and the 100-hour Simple Moving Average.

Ethereum price forecast

Ethereum resistance is currently at the $3,300 level. The first significant resistance is at $3,360, followed by crucial resistance at $3,435. The latter marks the 50% Fibonacci retracement level of the decline from $3,655 to $3,215. A break above could pave the way for a test of the $3,500 level.

Further key resistance is at $3,550, where a break could potentially put Ethereum on a bullish trajectory, possibly leading to a rise towards the $3,650 zone. A continuation above the $3,650 resistance could push Ethereum towards the $3,750 resistance. Continued gains could open the door for a test of the $3,800 level, focusing on the importance of these resistance levels to Ethereum’s future price direction.

On the other hand, if Ethereum fails to break the resistance threshold at $3,360, a further decline seems close. The first sign of support is found near the $3,240 level, but it is the zone around $3,215 that is considered the first major support. Should Ethereum come under further pressure, the next critical support lurks at the $3,200 level. A convincing break below this support zone could pave the way for a downward move towards $3,120, and potentially even a move towards the $3,040 level.

With the support levels at $3,215 and $3,200 in sight and a crucial resistance at $3,360, Ethereum is at a critical point. Where things go from here depends on the strength of the bulls to withstand bearish pressure and reverse course.

Besides Ethereum, there are also other emerging coins that are attracting attention in the crypto world. These new players, still in the presale phase, offer investors the opportunity to get in early and potentially benefit from their enormous growth potential in this market.

5th Scape (5SCAPE)

The rise of the 5th Scape, a groundbreaking token that is gaining popularity among traders, especially gamers, is an event not to be missed. The company’s goal is to seamlessly integrate Virtual Reality (VR) and cryptocurrencies into an intricate ecosystem where both innovations can thrive simultaneously.

Not so long ago, the company came up with big plans to develop a series of virtual reality games. Additionally, they will provide VR headsets and AR gaming chairs. Not to mention the anticipation towards the release of the first game in the project; the planned release date is not until the second quarter of 2024.

As for the 5th Scape environment, all transactions within the system can be performed using the 5SCAPE token, its native currency. Users who choose to pay with this token can receive significant discounts as an incentive. Furthermore, there is an opportunity for investors interested in earning passive income by staking the 5SCAPE tokens.

More than $3.8 million has already been raised as a result of the 5SCAPE presale that recently began. The tokens are now valued at $0.00248, which is expected to rise to $0.00285 when the next phase of the presale is reached. The ultimate goal is to trade the tokens for $0.01.

Bitcoin Minetrix (BTC.MTX)

Bitcoin Minetrix has come up with an innovative approach that allows cryptocurrency investors to participate in Bitcoin mining without having to rely on expensive mining hardware or in-depth technical knowledge. This breakthrough method is based on the Ethereum network.

Their BTCMTX token makes the realization of this solution possible. One of the unique features of Bitcoin Minetrix is ​​the ‘Stake-to-Mine’ concept. While staking BTCMTX tokens, users have the opportunity not only to receive additional tokens but also to acquire mining credits.

These credits serve as digitized mining privileges, giving users access to free hashpower for Bitcoin mining. Bitcoin Minetrix, currently valued at $0.0144 per token, has revealed that it is nearing the close of its current phase, signaling a potential price increase.

A new technique has made mining Bitcoin easier and more accessible to everyone, which was achieved by Bitcoin Minetrix collecting an astonishing sum of $12.8 million during its presale.

Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.

Source: https://bitcoinmagazine.nl/nieuws/eth-dipt-onder-3360-weerstand-niveau-wat-gaat-ethereum-doen

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