Ethereum’s price action has turned bearish in the short term, declining 1.66% over the past 24 hours after an unsuccessful attempt to breach the critical $3,600 resistance level.
This failed breakout highlights bearish pressure and suggests a period of consolidation may be near. Technical analysis indicates strong support exists around the $3,500 level, with immediate resistance firming near $3,600. This range points to potential sideways movement in the immediate future.
Longer-term prospects offer a more varied outlook. Analysts note a critical midterm resistance level resides near $3,675. Successfully overcoming this hurdle is seen as a prerequisite for a potential bullish push towards the psychologically significant $4,000 target.
Overall market sentiment surrounding Ethereum remains hesitant and uncertain. The asset is currently consolidating between $3,500 and $3,600, reflecting broader instabilities within the cryptocurrency market. Traders are advised to closely monitor trading volume dynamics and potential external market influences for signals of a decisive directional move.