Ethereum is making strides towards the $3,450 mark, having recently reached $3,400. This upward movement coincides with a similar surge in Bitcoin, prompting traders to closely monitor price action for possible breakout opportunities and new market formations.
Currently, three trading scenarios are on the table for ETH today. The first scenario suggests that if the price falls below $3,270, it may trigger a liquidity sweep, providing a potential long entry when the market structure shifts on lower timeframes.
The second scenario involves testing the weak resistance at the $3,400 weekly high. A successful reclaim on the H4 chart would create a long opportunity, while a rejection could lead to short scalps targeting liquidity beneath this level.
Market reactions to these critical resistance and support levels will largely determine Ethereum“s next move. If ETH manages to hold above $3,400 and pushes towards $3,450, it could set the stage for further gains. Conversely, failing to maintain this support might result in consolidation or even a reversal.
In the third scenario, a bullish continuation becomes plausible. A breakout above $3,450 could trigger long trades aimed at the $3,600 target. How Ethereum navigates these key price levels will significantly influence its short-term trajectory.
