Can Ethereum Surpass $3,200 Before the Year Ends? ETH Price Struggles Near Key Resistance

As Ethereum inches toward the end of the year, it currently faces significant resistance around the $3,100 to $3,200 mark. Recent price movements suggest a consolidation phase rather than a clear upward trend.

Key Takeaways

Ethereum's price is struggling to break through the $3,200 resistance level.
Current trading shows ETH fluctuating around $2,929, with a market cap exceeding $360 billion.
Retail demand remains cautious, impacting potential price movements positively.
Technical indicators suggest a neutral momentum; no clear bullish signals are present at the moment.
Vital support levels are being closely monitored, indicating consolidation tendencies rather than trend breaks.

Can Ethereum Surpass $3,200 Before the Year Ends? ETH Price Struggles Near Key Resistance

Ethereum Maintains Above $3,000, but Momentum Lags

Ethereum has recently recovered from a low of approximately $2,908, reaching highs near $3,051—a gain of around 4% before a slight retraction. According to CoinMarketCap data, ETH is now trading near $2,929, keeping its market capitalization above $360 billion. Although daily trading volume has increased compared to the weekend, it remains below levels typically associated with significant price breakouts.

ETH Trading Overview
(Source: CoinMarketCap)

The price has managed to stay above the crucial $2,900 level, which has recently served as short-term support. However, Ethereum is still grappling with overhead resistance around $3,100, where sellers have consistently entered the market to counteract upward movements.

Currently, thin liquidity near year-end and cautious market sentiment have hindered additional buying momentum, preventing Ethereum from maintaining levels above its short-term moving averages. Consequently, the price action remains unpredictable, with ETH fluctuating within a narrow range instead of establishing a clear trend.

Ethereum's Technical Outlook: A Phase of Consolidation

From a technical standpoint, Ethereum finds itself at a pivotal moment. Momentum indicators are currently neutral—the daily Relative Strength Index (RSI) is hovering in the mid-40s to low-50s, indicating no overbought or oversold conditions, which typically leads to increased volatility rather than immediate price movements.

ETH Technical Analysis
(Source: TradingView)

Upon closer examination, the Moving Average Convergence Divergence (MACD) is in negative territory but is starting to flatten, suggesting that bearish momentum is lessening, even though a bullish crossover has yet to appear.

Currently, Ethereum is trading below its 50-day moving average but is managing to hold above its 100-day moving average. This arrangement often reflects sideways price action. Until Ethereum can reclaim its shorter-term moving averages, any upward attempts may continue to face selling pressure.

Key Support Levels to Monitor

$2,900: Psychological support level
$2,800: Additional support in case of a downturn

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