Ethereum (ETHUSD) is currently facing significant downward pressure, as the price struggles to maintain above the $3440.00 level. A break below this threshold could potentially drive the cryptocurrency toward the support line of its bullish channel at $3240.00, reinforcing the bearish outlook for the near term. Traders should closely monitor the price action as it approaches this key level, as it will provide crucial insight into the next movement direction.
If the price breaks below $3240.00, further losses could ensue, with the next support target at $3093.05. However, should Ethereum regain momentum and surpass the $3440.00 resistance, the current negative pressure would be alleviated, potentially allowing for a resumption of the overall bullish trend.
For today, the expected trading range for Ethereum is between $3250.00 on the support side and $3580.00 on the resistance side.
Trend Outlook: Bearish
