#Ethereum (ETH) recently struggled to sustain above the critical support level of $3,700, despite attempts by bulls.
If ETH manages to hold above $3,360, there's potential for a double-bottom pattern formation, indicating a bullish reversal towards the $3,700 resistance.
Following the initial decline, #$ETH has consolidated within the range of $3,450 to $3,650.
On the daily chart, Ethereum has formed a symmetric triangle pattern and is currently rebounding from its support trendline.
According to Coingabbar Prediction, Maintaining above this support trendline could propel $ETH towards testing the resistance near $3,700.
Presently, ETH is trading within what appears to be a bull flag or parallel channel, having recently bounced back from its support trendline.
Conversely, heightened selling pressure and bearish sentiment could exert downward pressure on Ethereum.
A breach below the support trendline might trigger a test of the $3,280 support level in the near future.
KEY LEVELS :
RESISTANCE LEVEL : $3,500-$3,580
SUPPORT LEVEL : $3,370-$3,280
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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