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Ethereum (ETH/USDT) Faces Rejection at Key Zone: What’s Next?

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Ethereum (ETH/USDT) Faces Rejection at Key Zone: What’s Next?

Ethereum against Tether has experienced a 3.95% decline over the past 24 hours, underperforming the broader crypto market’s drop. At the moment, this movement can be attributed to post-Fed profit-taking, as traders sold following the anticipated 25 bps rate cut. Technically, Ethereum has failed to maintain the $3,350 support level, leading to a shift into a bearish market structure.

Currently, the pair on the daily timeframe seems to be struggling to hold above the immediate support as the Stochastic RSI heads south.

Currently, Ethereum trades at $3,202.57 with more than 239,000 volumes.

Ethereum (ETH/USDT) Faces Rejection at Key Zone: What's Next?
ETHUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $3,311, $3,453, and $3,506

Major Support Levels: $3,123, $3,000, and $2,900

Technical Analysis

Technically, Ethereum against Tether appears to be heading south after facing resistance around $3,453 days ago. At the moment, the pair’s future still hangs on the 20-day moving average as the price extends towards $3,123.

Additionally, the Stochastic RSI operates in the overbought region, with the blue line ticking below the red. This suggests the current bullish move is reaching exhaustion level. However, the volume has been consistent with no major spikes.

To this end, the next direction depends on the price action around $3,123, as a dip below this level up to $3,000 will indicate further downside movement.

Meanwhile, @Tedpillows recently posted on X that Ethereum has recently encountered around the $3,400 level. The analyst has pinpointed that ever since the contact with the level, the token’s value has plummeted, with all hope that $3,000 and $3,100 could help for a bounce.

To this end, the analyst is of the opinion that if the aforementioned level could prevent further fall, a strong rally should be expected.

ETH/USDT Analysis: Struggling to Maintain Upside Move

On the 4-hour timeframe, ETH/USDT appears to be operating above the set of exponential moving averages except the 20-day moving average, signaling the bulls are doing their best to maintain momentum. However, the attribute on the Stochastic oscillator suggests the bears’ influence on the market is noticeable. Meanwhile, as the blue line approaches the 1.00 oversold region, a good portal to the upside appears to have been opened, but the volume situation suggests otherwise.

To this end, an improvement from the Stochastic oscillator with a move above $3,222 would indicate an upside move; otherwise, further downside is imminent.

Ethereum (ETH/USDT) Faces Rejection at Key Zone: What's Next?
ETHUSDT-4H Chart

 

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