Ethereum Price Today: Pullback After 8% Rally – What’s Next for ETH?

Summary:
• Ethereum faces a pullback after an 8% rally, trading near $3,300. Will ETH regain momentum to break $3,385, or is a deeper correction ahead?

The current price of Ethereum (ETH) is $3,331, reflecting a decrease of 0.85% over the last day. This retracement follows an 8% surge where ETH surpassed important resistance levels, but was met with significant resistance around $3,385. Investors are examining the cryptocurrency’s behavior to anticipate its future actions as it consolidates.

Chart Analysis: Key Levels for Ethereum

The daily chart highlights several crucial price levels and technical signals:

• Immediate support: Ethereum is holding near $3,300, which aligns with recent consolidation zones.
• Major resistance: The $3,385 level remains a strong barrier. A break above this could pave the way to $3,540.

What’s Behind Ethereum’s Price Action?

Ethereum’s recent surge was mainly driven by a positive overall market sentiment and an increase in institutional interest. Nevertheless, the retreat indicates traders’ hesitation due to economic uncertainties and Bitcoin’s impact on sentiment. On-chain data still show high levels of activity in the Ethereum network, especially in DeFi and NFT areas, which have played a crucial role in ETH’s sustained growth.

Can Ethereum Regain Momentum?

Ethereum’s path to reclaiming $3,385 won’t be a walk in the park—it’s going to need some serious bullish firepower to clear that hurdle. The $3,300 level is acting like a safety net for now, but if it snaps, ETH could tumble towards $3,170 faster than you’d expect. Adding to the suspense, Bitcoin’s usual role as the market’s puppet master means Ethereum’s fate is tied to the broader crypto vibe.

Right now, it feels like Ethereum is catching its breath after the recent sprint. A strong push above $3,385 could be the spark that reignites the rally, but until then, the market seems content with letting ETH take a moment on the sidelines.