Ethereum price is consolidating above the $3,180 support. ETH must clear the $3,350 resistance zone to start a fresh increase in the near term.

• Ethereum started a fresh increase from the $3,180 support zone.
• The price is trading above $3,250 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another increase if it stays above the $3,220 support level.

Ethereum Price Breaks Resistance

Ethereum price started a decent upward move from the $3,180 level, beating Bitcoin. ETH was able to surpass the $3,220 and $3,250 resistance levels.

There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD. The pair even surpassed $3,300 and tested $3,350. A high was formed at $3,346 and the price is now moving lower. There was a move below the $3,320 and $3,300 support levels.

The price dipped below the 23.6% Fib retracement level of the upward move from the $3,181 swing low to the $3,346 high. Ethereum price is now trading above $3,250 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,370 level. The main resistance is now forming near $3,450.

A clear move above the $3,450 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,580 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,260 level. The first major support sits near the $3,220.

A clear move below the $3,220 support might push the price toward the $3,180 support. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,050.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,250

Major Resistance Level – $3,350

In a letter to US regulators, Senator Elizabeth Warren and Representative Jake Auchincloss expressed serious concerns over the TRUMP and MELANIA meme coins launched by President Donald Trump and First Lady Melania Trump. 

These coins, which were introduced shortly before Trump’s inauguration, have raised alarm bells regarding their potential for conflicts of interest, market manipulation, and foreign influence.

Warren Warns of Market Manipulation and Foreign Influence

The TRUMP coin has already experienced extreme price fluctuations, skyrocketing from under $10 to $75 before crashing back to $32.44 at press time. Similarly, the MELANIA coin has followed the same volatile trajectory. 

Senator Warren highlighted the risks posed to consumers who invest in these meme coins. The coins are primarily driven by internet trends and are known for their unpredictable, speculative nature.

One of the most significant concerns is the potential for these coins to be used as tools for foreign influence. Warren pointed out that anyone can purchase these coins. Thus, raising the risk that foreign governments or individuals could use them to indirectly funnel money to the Trump family.

This scenario could undermine US national security and raise ethical questions.

“Anyone, including the leaders of hostile nations, can covertly buy these coins, raising the specter of uninhibited and untraceable foreign influence over the President of the United States, all while President Trump’s supporters are left to shoulder the risk of investing in TRUMP and MELANIA,” the letter said.

Warren also warned that these coins could result in significant financial harm for investors. The Trump family’s massive ownership stake means they stand to profit immensely while leaving other investors to shoulder the risks. 

Additionally, Warren criticized the lack of transparency and consumer protections. The terms and conditions of the TRUMP and MELANIA coins include disclaimers that absolve the issuers of any responsibility for fraud.

The senator also urged regulators to investigate these coins, pressing the SEC, CFTC, and other relevant agencies to address the risks associated with meme coins.

Specifically, she has asked whether these products might violate federal securities or commodities laws. Warren also questioned how the authorities plan to monitor and regulate the coins in the future.

Separately, Elizabeth Warren also penned an open letter to Department of Government Efficiency (DOGE) Chair Elon Musk. She proposed ways the federal government could cut wasteful spending.

“My recommendations would reduce spending on wasteful programs and contracts, would cut out unfair loopholes and giveaways to the wealthiest Americans, would make the government more efficient and effective, and would save taxpayers at least $2 trillion over the next decade,” she wrote.