Key points
- ETH gained 1.4% over the past 24 hours and is now trading above $3,200.
- The top altcoin by market cap could retest the psychological $3,000 level as bullish momentum stalls.
Market momentum stalls
Bitcoin (BTC) and Ethereum (ETH) are trading near key resistance levels after modest gains over the last 24 hours. These resistance zones could prompt the major cryptocurrencies to revisit lower psychological levels before either dropping further or attempting a successful breakout.
At the time of writing, Ether is trading above $3,200 per coin, having risen about 1.4% in the past day. It failed to clear the $3,500 resistance on Friday despite the Federal Reserve’s third rate cut of the year.
The Fed’s more aggressive rate cut triggered a shift in market sentiment, producing a test of Ether near $3,100 on Thursday. The market has since rebounded, and Ether could challenge the $3,500 resistance again if the rally continues.
Ether may retest $3,000 before moving higher
The ETH/USD 4‑hour chart shows a constructive bullish structure, with Ether up nearly 4% since the start of the week. Price broke a descending trendline—drawn from successive highs since October 7—earlier in the week and climbed about 6.2% on Wednesday.
However, Ether slipped below $3,100 after the FOMC meeting, with a major resistance area around $3,500. A daily close above the 50‑day moving average near $3,310 would strengthen the bullish case and could prompt a run toward the next significant resistance at $3,592.
The 4‑hour RSI sits at about 54—above the neutral 50—suggesting bullish momentum on that timeframe. The MACD produced a bullish crossover earlier in the week, supporting the positive bias.
Still, if the daily candle fails to close above $3,310, Ether may undergo another correction toward daily support around $3,017. Traders should watch price action around the 50‑day moving average and the $3,100–$3,300 band for clues on the next directional move.