Ethereum is facing a tough time staying above the key $3,400 resistance, following a failed attempt to clear $3,450. This struggle has the cryptocurrency trading below its 100-hourly Simple Moving Average.
Efforts to push higher run into obstacles at $3,350 and $3,475. If significant gains are to be achieved, Ethereum needs to break above $3,500. On this break, potential targets include $3,550 and even reaching $3,720.
However, if Ethereum can't clear the $3,400 resistance, it might slide back, touching $3,220 and possibly even $3,000. Keep an eye on MACD and RSI for momentum indicators in the bearish zone.
