$ETH
has been locked in a range-bound battle over the past week, displaying cautious bullishness but facing significant overhead supply near the $3,800 mark. After a strong recovery from the late June lows around $3,000, the momentum has slowed, and the market is digesting the recent gains.
Key Support and Resistance Zones:
Support: The immediate crucial support sits firmly around $3,500. This level has been retested multiple times and has held strong, indicating a robust zone where buyers step in to defend. Below this, the $3,350 and $3,200 areas (coinciding with the 100-day EMA) offer secondary layers of protection.
Resistance: The primary obstacle for the bulls is the $3,800 resistance. This level has proven to be a tough nut to crack, as multiple attempts to break above it have been met with selling pressure. A decisive break and close above $3,800 could pave the way for a rally towards $4,000 and even $4,200 (previous all-time high).
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