Ethereum price analysis: Can bulls defend the $3,400 support level?

TL;DR Breakdown Ethereum price analysis suggests sideways movementETH faces resistance at the $3600 markThe closest support level lies at $3400 The Ethereum price analysis shows that while the bearish momentum caused the price to fall to the $3400 mark, the bulls defended the level further prolonging the consolidation channel. Currently, ETH is oscillating between the $3,400 and the $3,600 marks with little to no movement beyond the channel.  The broader cryptocurrency market observes a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include ICP and Polkadot recording a 4.39 and a 3.45 percent decline respectively.  Ethereum price analysis: Bears dominate but bulls remain resilient Technical indicators for ETH/USDT by Tradingview Across the technical indicators, the MACD is currently bearish as exhibited by the red histogram showing seller dominance at press time. The indicator observed a bearish crossover two days ago and has remained red since. However, the recent hours have observed a decline in bearish momentum as ETH finds short-term support at the $3400 mark.  The EMAs are currently moving downwards showing strong selling activity in the markets. However, as the price action finds support the 12-EMA has started changing towards the upwards direction suggesting a convergence with the 26-EMA.  The RSI has remained neutral for the ...