The post Key Levels to Watch as ETH Trades Near $3,600 appeared on BitcoinEthereumNews.com.

TLDR Ethereum is maintaining stability above $3,500 with strong support A high point was reached at $3,688 before a minor correction A bearish trend line shows resistance at $3,600 Technical indicators suggest potential for upward movement Support levels are established at $3,540 and resistance at $3,650 Ethereum continued to demonstrate market strength this week, maintaining its position above the crucial $3,500 level while establishing a solid foundation for potential future gains. The second-largest cryptocurrency by market capitalization has shown remarkable stability in recent trading sessions, outperforming Bitcoin in terms of price momentum. The digital asset recently achieved a notable high of $3,688, marking a substantial recovery from its previous position. This upward movement came after Ethereum successfully broke through several key resistance levels, including the $3,500 and $3,550 marks, which have now transformed into support zones. Market data from Kraken exchange shows that after reaching the $3,688 peak, Ethereum underwent a minor correction. The price experienced a modest decline, dropping below both the $3,650 and $3,620 levels, though this retracement remained within expected boundaries for healthy price action. Technical analysis reveals that the price maintained its position above both the $3,520 mark and the 100-hourly Simple Moving Average, suggesting underlying strength in the current market structure. This positioning provides a stable base for potential future price movements. The market currently faces a noteworthy challenge in the form of a connecting bearish trend line, which has established resistance near the $3,600 level. This technical formation appears on the hourly chart of ETH/USD, representing a key level that bulls need to overcome for continued upward momentum. Ethereum Price on CoinGecko Looking at immediate price obstacles, the $3,650 level emerges as the first major resistance point. Beyond this, traders are closely watching the $3,680 mark, which could prove crucial for determining the next…

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Filed under: News - @ November 29, 2024 3:23 pm