ETH changes hands at $3,648, trying to break above the resistance of $3,675. Bulls have set their target at $3,977, although a retreat into $3,299 is also possible.
Ethereum is faring better as it exchanges hands at $3,648, which is 7% higher on the week. This cryptocurrency boasts a market capitalization of $435 billion and its trading volume hit $15.62 billion, a factor that makes ETH hot in the resistance zone of $3,675-make or break.
This resistance is no joke. It’s tied to a descending trendline and a double-top pattern, which could either pave the way for a breakout or send ETH back down. If ETH breaks through, it’s gunning for $3,829 and maybe even $3,977. But if it gets rejected, expect a dip to $3,504 or even $3,097.
Crypto markets are essentially going bullish, the Fear and Greed Index at 61-hello, “Greed.” ETH’s RSI is 60, which is a moderately bullish momentum. It maintains itself above its 50-day EMA of $3,490, keeping the uptrend alive.
But not all is green lights; traders are cautious. The double-top at $3,675 could spell trouble if ETH can’t break through for a pullback. On the other side, a breakout here could set ETH on a rocket ride to fresh all-time highs. The next few days? Absolutely crucial. Stay tuned, fam!
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