ETH/USD has traded into an extremely significant resistance on the daily chart (1D Chart) at the $3380 price. The level first formed as a support in October of 2021, and was traded into on the 4th of December 2021 in a flash crash.
Price again rejected this level as a resistance throughout January, and now again is testing the level as resistance. In addition the 200 day moving average also is acting as a resistance level for price, another bearish sign. Despite Ethereum’s recent upside rally the moving averages 50-200 are still in a bearish cross, spelling hope for ETH bears,