Ethereum price is back below the key level of $3,500 after pulling back from Tuesday’s high. The trend exhibited by this altcoin is comparable to that of the leading crypto – Bitcoin. At the time of writing, the latter entity was down by 1.49% at $50,731.26. In the previous session, it had surged to a high of $51,897.72.
Despite the current pullback, cryptocurrencies will likely record further gains in the short term. This perspective is founded on the shift in risk sentiment. After extreme fear gripped the market in the past week, greed is now the key emotion driving the market. In Wednesday’s session, the crypto fear & greed index is at a greed level of 59.
Ethereum price technical outlook
ETH is back below the psychological level of 3,500 after rising above that zone on Tuesday. At the time of writing, it was down by 2.68% at 3,421.71.
Notably, the altcoin has surged by about 14.21% since the beginning of October. Since Monday, Ethereum price has been up by 3.88%.
On a two-hour chart, the crypto is trading between the 25 and 50-day exponential moving averages. In the near term, it will likely find support at 3,351.04.
A rebound may have it find resistance along the 25-day EMA at 3,435.70 or higher at the psychological level of 3,500. On the flip side, a move below 3,350 will likely clear the path to the prior support level of 3,269.19.
