Struggling Ethereum Price: A Review for Crypto Enthusiasts
As a crypto enthusiast, you must be closely monitoring the price movements of Ethereum. The current scenario shows that Ethereum is facing challenges in the market. Here’s a breakdown of the latest updates:
Ethereum Price Consolidates
Recently, Ethereum attempted a recovery wave above the $3,000 resistance zone, managing to climb above $3,200. However, the bears intervened near the $3,280 resistance zone.
- A high was formed at $3,278 before the price reacted downwards.
- The price dipped below the 23.6% Fib retracement level from the recent swing low to high.
- Ethereum is currently trading below $3,200 and the 100-hourly Simple Moving Average.
Immediate resistance is identified around $3,100, with a key bearish trend line forming at $3,120 on the hourly chart of ETH/USD.
Potential Decline in ETH Price
If Ethereum fails to surpass the $3,200 resistance level, it might encounter another decline in its price. Initial support is anticipated near the $3,000 level, with further support zones at $2,900 and $2,710.
- The hourly MACD for ETH/USD indicates a loss of momentum in the bearish zone.
- Hourly RSI for ETH/USD has surpassed the 50 level.
The critical support level to watch is $2,900, while resistance lies at $3,200.
Hot Take: Stay Alert as Ethereum Faces Uphill Battle
In conclusion, Ethereum is currently struggling to regain momentum above $3,200 and faces resistance near this level. As a keen observer of the crypto market, keep a close eye on the price movements as Ethereum navigates through these challenging times.
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