Ethereum Struggles to Maintain Momentum Above $3,000 Resistance
Ethereum price made an effort to break above the $3,000 resistance level but faced selling pressure from bears. As a result, the price corrected lower and formed a new multi-week high near $3,036 before starting a downside correction.
Currently, Ethereum is trading above the $2,930 support level and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2,930 on the hourly chart of ETH/USD.
If there is no clear move below $2,930, the pair could potentially initiate a fresh increase. However, failure to surpass the $3,000 resistance level may lead to further losses.
Possible Support and Resistance Levels for Ethereum
Immediate resistance on the upside is near $2,980, followed by a major resistance level at $3,000. If the price manages to break above these levels, it may test the $3,080 resistance zone and potentially rally towards $3,200.
On the downside, initial support is seen near $2,930 and the 100-hourly Simple Moving Average. The first major support level is at $2,865, with the next key support around the $2,820 zone. A clear move below $2,820 could send the price towards $2,720.
Technical Indicators for Ethereum
The MACD for ETH/USD is showing signs of losing momentum in the bullish zone. The RSI for ETH/USD has dropped below the 50 level.
Major Support Level: $2,865
Major Resistance Level: $3,000
Hot Take: Ethereum Faces Resistance at $3,000 Level
Ethereum’s attempt to break above the $3,000 resistance level was met with selling pressure, leading to a downside correction. Although the price is currently trading above the $2,930 support level and the 100-hourly Simple Moving Average, it is crucial for Ethereum to surpass the $3,000 resistance for further upside potential.
As a crypto enthusiast, you should closely monitor the support and resistance levels mentioned above. Pay attention to any clear moves below or above these levels as they could indicate a trend reversal or continuation.
Remember to consider technical indicators such as MACD and RSI for additional insights into Ethereum’s price momentum.
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