Ethereum Price Remains Flat While Bitcoin Reaches New All-Time High

ETH forms a rather tight range and is still unable to overcome crucial resistance levels whilst BTC is enjoying a new ATH. Ethereum is still under $3,500, as the token struggles with several barriers even though it recovers above $3,120. Below, you will find more detailed information on the current state of the Ethereum market and the numerous indicators that can have an impact on this cryptocurrency’s price.

Ethereum Price Overview

Ethereum has been slightly bouncing back with slight movements just above the $3,300. However, the increase has not been as striking as that seen in the case of Bitcoin lately. A push below $3,450 has created a setback for ETH, and it has been unable to bounce back toward that range, making slow progress and trading in a tight range.

The price has pulled higher after testing the $3,203 support level, but the price is still below crucial resistance levels such as $3,300 and the 100 SMA. Still, several attempts at bullish penetration of the $3,325 mark have been met with some difficulty; still, the price remains trapped within the boundary formed by this level and the $3000 area.

Key Resistance and Support Levels

Resistance Levels

• Refusal at $3,260

A bearish break out of the congestion zone means that the first region of resistance for Ethereum is at $3,260. It is important to break this level to start a much stronger movement upward.

• Primary Resistance at $3,325 and $3,350

The initial key level at $3,325 is followed by the second level of resistance around $3,350. The 50% retracement brought the chart back in line with the equivalent level for a larger corrective structure from the highs at $3,444 down to the low at $3,203.

• Critical Resistance at $3,450

The Ethereum bulls need to break above $3,450 to unlock further upward movement, as is shown in the chart above. It could open the way more towards $3,500 or, more specifically, $3,550 in the short-run moving average.

Support Levels

• Immediate Support at $3,200

The $3,200 is the first layer to defend Ethereum and Can be traced to being molded around a descending triangle pattern.

• Major Support Level at $3.15 and $3.12

Any drop under $3,150 is expected to take ETH to the support at $3,120. Should it break this level, then the price will likely fall to $3,050 – or even $3,000 – a rather deep pullback.

Technical Analysis

• Contracting Triangle Pattern

On the hourly chart of ETH/USD the contracting triangle is still being developed short-term at $3,370. Such assimilation signals the possibility of a breakout in either the buyer’s or seller’s direction.

• Fibonacci Retracement Levels

Ethereum has found support at the 23.6% Fibonacci retracement level of the new low fashioned from $3,444 to $3,203. Most important is the 50% retracement at $3,325, coinciding with resistance.

• MACD and RSI Indicators

MACD: The MACD indicator is bearish and moving downwards in the bullish region an indication of low upward pressure.

RSI: As for the ETH/USD, RSI is currently below 50, which means that there is no buying side strength.

Bitcoin’s Impact on Ethereum

Bitcoin’s recent price surge to yet another all-time high has smothered its counterpart Ethereum price trends. ETH on the other hand fails to get the same level of attention as BTC as it gains investors’ favor. This brings us to ponder about how the two leading cryptocurrencies feature opposing trends in movement.

The rise of Bitcoin might even potentially help Ethereum to increase if this makes the public more confident in cryptocurrencies in general and enthuses investors to pump more money. However, for Ethereum to benefit from the general market trend, it has to break through its resistance levels.

Potential Scenarios for Ethereum

• Bullish Scenario

However, if Ether manages to close a daily candle beyond $3,325, then there’s potential for the price to rise and trade towards $3,350… $3,450 can be expected. Breakout above $3,450 will open up a potential move toward $3,500 and possibly $3,550 in the following days.

• Bearish Scenario

If the price fails to go beyond $3,325 it will start falling. ETH has broken through the support area of $3,200, which, if sustained, can test $3,150. Continued declines could take the price down to the $3,120 and $3,050 levels, with the $3,000 level being the main support level.

Ethereum’s Breakout Awaits Key Resistance Test

The Ethereum cryptocurrency stays in a tight correlation with the upper level of $3,325, but it cannot rally further because of the Bitcoin market domination. Based on key technical figures we see the pattern that shows a breakout likely, however, it can be either bullish or bearish depending on carrying out major resistance or holding key supports.

With Bitcoin setting new ATH in everyFresh updates to these guidelines come as Bitcoin sets a new ATH and as Ethereum remains in a consolidation phase its potential to get out of this state will be of interest to traders and investors. Still, a pivot to the up or down direction could determine ETH’s further movement in the next few days.