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BlockNews
Home BREAKING NEWS

Ethereum Nears Resistance? Daily Chart Suggests It Could Still Go Up

Matoy by Matoy
November 27, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • Ethereum shows steady upward movement, climbing toward the $3,560 resistance level but encountering slight slowing momentum.
  • Volume remains subdued, potentially limiting the breakout potential in the short term without renewed buying interest.
  • RSI points to mild overbought conditions, signaling caution for traders as the rally approaches a critical threshold.

Ethereum’s daily chart demonstrates a gradual recovery, with the asset gaining traction from its previous lows near $3,360. The price has steadily climbed, closing near $3,560 at its recent high. This movement reflects consistent buying interest but lacks the volume to signal robust momentum.

The price’s approach to a resistance zone at $3,560 suggests a possible consolidation phase if Ethereum fails to break this level. Buyers will need to increase participation to sustain the current rally and avoid retracement toward the $3,480 support.

Technical Indicators Show Overbought State

The Relative Strength Index (RSI) indicates Ethereum is nearing overbought levels, with a reading close to 70. This suggests that buying pressure could be easing, making it more challenging for the price to maintain its upward trajectory without a surge in trading activity.

Volume trends remain modest, failing to support a strong breakout above $3,560. If this level is not breached, sellers may regain control, driving the price toward $3,480 or even lower support levels.

TradingView

Trump Hype May Still Trigger Rally

Ethereum faces a pivotal test as it approaches $3,560. A sustained move above this level could pave the way for gains toward $3,600 and beyond. However, failure to break the resistance might result in a pullback, with $3,480 and $3,400 acting as key support zones.

Traders should monitor broader market dynamics and watch for significant volume spikes, which could indicate the next major price move. While the trend remains bullish, caution is warranted due to the overbought RSI and inconsistent volume support.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: ethereum
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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