Struggling Ethereum Price Outlook
Despite attempts to recover, Ethereum is facing challenges in crossing the $3,100 resistance level, signaling potential bearish trends. The price is currently trading below $3,100 and the 100-hourly Simple Moving Average, indicating a struggle for bullish momentum.
Key Resistance Levels
- Immediate resistance near the $3,020 level
- Major resistance at $3,070 with the 100-hourly Simple Moving Average
- Key resistance at $3,120, followed by $3,200 level
Bearish Trend Line Formation
On the hourly chart of ETH/USD, a crucial bearish trend line is forming with resistance at $3,070. This trend line aligns with the 50% Fib retracement level of the recent downward move, further strengthening the resistance levels. The next significant barrier for Ethereum stands at $3,120, beyond which the price could target the $3,200 threshold.
Potential Downtrend
If Ethereum fails to breach the $3,100 resistance level, another downward trend might ensue. Initial support lies near $2,920, with a critical support zone at $2,850. A decisive move below $2,850 could lead to further losses, possibly driving the price towards $2,620 and even $2,550 in the short term.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is displaying signs of bearish momentum
- Hourly RSI: The RSI for ETH/USD has dipped below the 50 level
- Major Support Level: $2,850
- Major Resistance Level: $3,100
Hot Take: Ethereum’s Uphill Battle
Amidst a challenging price landscape, Ethereum continues to grapple with resistance levels, specifically around $3,100. The inability to break above this crucial barrier could lead to further downside movements, with support levels identified at $2,850 and $2,620. Traders are advised to closely monitor the key resistance and support levels to navigate potential price fluctuations in the Ethereum market.