Key Insights :
- ETH trades near $3,500 resistance; breakout or rejection will shape the next market direction.
- Traders watching $3,260 support closely; a breakdown could trigger renewed selling pressure fast.
- Range between $3,100 and $3,500 offers clear short and long zones for active trades
Ethereum (ETH) was now trading around $3,405, holding just below the $3,500 resistance level. The price has increased by 5.38% in the last 24 hours, while showing a 12.28% decline over the past week.
The chart shared by LennaertSnyder shows ETH consolidating near the top of a key resistance zone between $3,480 and $3,550. This range has previously acted as a turning point, and the market is watching for a reaction. If the price breaks through and holds above, the next level of interest is near $3,646. If rejected, the price could return toward $3,350 or lower.
Support Levels Remain in Focus
ETH continues to form higher lows, with $3,350 acting as a local support. This level remains relevant while the price pushes toward resistance. However, traders are also watching the $3,260 area. Losing this level could lead to lower prices.
In a post, LennaertSnyder said,
Source: LennaertSnyder/XThis statement reflects the cautious stance many are taking around current price levels.
Range Holding Between $3,100 and $3,500
Another chart shared by Crypto | Stocks | Freedom shows ETH trading in a wide range between $3,100 and $3,500. The price is currently near the upper edge of this range, where short entries are being considered.
The lower part of the range, between $3,100 and $3,200, is marked as a long zone. According to the post, “Look for longs around $3,100–$3,200 and shorts around $3,400–$3,500.” Traders using this strategy are placing stop-loss orders just outside the range to manage risk.
Market Awaits Breakout or Pullback
Price was holding steady near the top of the current structure. A breakout above $3,500 may draw new buyers, while a rejection could send the price back to lower support levels. No breakout has occurred yet.
Until ETH moves clearly beyond this range, both long and short trades will depend on reactions at the boundaries. Traders are watching closely to decide whether this move leads to another push higher or signals a pause in momentum.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/ethereum-eyes-3500-breakout/
