Ethereum Battles Below $3100 - Can ETH Break Through to $3400?

Ethereum's price action hits a critical inflection point.

### The Struggle is Real

Ethereum finds itself wrestling beneath a key psychological level. The push toward a higher target faces stiff resistance—traders watch every tick as momentum tests the waters.

### The Path Forward

All eyes fix on that next major hurdle. Reaching it requires clearing several technical barriers and, frankly, a bit of market faith—something the crypto space occasionally treats like a scarce commodity. Because nothing says 'sound investment' like watching digital assets swing on the whims of a tweet and the collective mood of anonymous online forums.

The coming sessions will reveal whether Ethereum has the legs for the climb or if it gets dragged back into consolidation. No promises, just price charts doing their chaotic dance.

Ethereum Likely to Miss February Highs

Some crypto market analysts have commented on the current state of Ethereum. Ali Martinez, a well-known crypto analyst, has warned that Ethereum is not likely to achieve new record highs by February, given some of the positive predictions that were made. “The current market conditions do not support a strong positive push,” Martinez said.

Ethereum Price Moves Sideways Ahead

Meanwhile, another analyst, Ted, suggested that it is important to note that the current movement of ETH is sideways, without much momentum. This implies that the markets are yet to decide what to do next, so investors need to monitor key support and resistance levels.

Analysts note that for ethereum to indicate a positive sentiment, it must regain the $3,400 benchmark. As long as it remains below that, there is a great possibility that it could test $3,000 again. This is what the community is waiting for since breaking below $3,000 could mean more declines for the altcoin.

Despite the recent correction, it is evident that Ethereum still maintains considerable strength in the market with a good trading volume. It is advisable to observe the markets for some time to understand if it is likely to continue moving sideways or regain positive traction.

ETH Weekly Momentum Turns Cautious

The RSI for the week is approximately 44.06, which is below the mid-50 levels, indicating that the momentum is weak but not oversold. The current market is trading below the short-term moving average ribbon with a strong resistance at the 20-week SMA of 3,912. Additionally, the 50- & 100-week SMAs of 3,084-3,082 are being tested, while the 200-week SMA of 2,453 is standing as a strong support.

The MACD is bearish with the MACD line closest to -35.71, which is significantly lower than the signal line of 156.74. This is accompanied by the MACD histogram that is strongly negative at -192.46, indicating that selling momentum is still dominating. It WOULD be important for the MACD to flatten or bend upward before any positive thrust is anticipated in the weekly trends.