Ethereum Struggles Below $3,659 Resistance: Is Momentum Fading?

Ethereum faces resistance at $3,659, entering a consolidation phase after a period of gains. Bulls struggle to push the price higher, raising concerns about the rally's sustainability. Technical analysis suggests bearish momentum, with ETH moving towards the $3,360 support and the 100-day SMA. The RSI on the 4-hour chart has fallen from overbought territory, indicating weakening buying pressure. Despite holding above the daily 100-day SMA, the downward trend persists, putting pressure on the $3,360 support. The daily RSI also shows increasing selling pressure, potentially leading to further declines. The $3,360 level is crucial; holding above it could trigger a rebound towards $3,659. Failure to hold above $3,360 could lead to a significant drop, with $3,051 as the next support. Breaking below $3,051 could trigger further downward movement. Market participants should closely monitor these support levels to gauge Ethereum's next move.