Ethereum Recovers but Struggles to Surpass the $3,400 Support

Azeez Mustapha

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Ethereum (ETH) Current Statistics
The current price: $3,413.51
Market Capitalization: $410,446,198,843
Trading Volume: $18,206,710,894
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis June 25, 2024
Ethereum’s (ETH) price has dropped below the moving average lines but struggles to surpass the $3,400 support. The bears overcame the bulls by breaking through the 50-day SMA and the critical support at $3,400. Ether is correcting upward in an attempt to break above the prior support level of $3,400.

On the upside, Ether will return to the positive trend zone if buyers overcome the $3,400 resistance and the 21-day simple moving average. Ether will rise to a high of $3,700. However, selling pressure will restart if Ether is rejected again at the $3,400 high.

The altcoin will fall to its current support of $3,200. If the present support level is surpassed, Ether will fall much further to the $3,000 low. The largest altcoin is currently valued at $3,400.

Ethereum Recovers but Struggles to Surpass $3,400 Support
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price bars are now below the moving average lines after two weeks of being stuck between them. Ether will drop much further if it is rejected at the moving average lines once again. The $3,200 support level has not been reached by the price indication.

Conclusion
Ether’s price range of $3,400 to $3,670 has been breached as it struggles to surpass $3,400 support. On the upside, if Ether meets resistance at $3,400, it will fall to a new price range of $3,200 to $3,400. Meanwhile, buyers struggle to push the price above $3,400. The cryptocurrency signal is range-bound as the bearish momentum fades.

Ethereum Recovers but Struggles to Surpass $3,400 Support
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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