Ethereum Foundation Sells 100 ETH, Impact on Price Analyzed

ETHs price soon rebounded, climbing to a peak above $3,350, suggesting a strong resistance zone. This resistance became evident as the price struggled to break through and maintain levels above $3,350. Subsequent fluctuations in the $3,300 to $3,350 range indicated consolidation, with traders appearing cautious around this price point.

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ETH surged to a new peak near $3,450 before facing a sharp pullback. This higher peak established a new resistance level at $3,450, demonstrating the challenges faced by ETH in maintaining upward movement.

Support, Resistance Levels, and Technical Indicators

Key support levels for ETH emerged at $3,191 and $3,284, with resistance identified around $3,350 and $3,450. These levels provide insight into potential future price behavior.

If ETH passes $3,450, it will likely rise. However, if ETH falls below $3,284, it may show a bearish reversal.

Additionally, technical indicators offer mixed signals. The 1-hour RSI stands at 48.19, indicating a neutral market state and potential consolidation. Moreover, the 1-hour MACD remains below the signal line, hinting at possible bearish movement in the short term.