Attention Crypto Investors: Ethereum Faces Key Resistance
As Ethereum’s price faced a significant hurdle recently, it has been struggling to break above the $3,050 mark and the 100-hourly Simple Moving Average. Despite finding support at $2,820, the cryptocurrency is currently below the crucial resistance level, raising concerns among investors about a potential decline in the near future. Here are some key insights into Ethereum’s price movements and what to expect in the coming days:
Ethereum Price Recovery Wave
After sliding below the $3,000 level, Ethereum tested the support zone at $2,820 before initiating a recovery wave. The cryptocurrency managed to climb above the $2,880 and $2,950 resistance levels, indicating a positive trend in the short term.
- The price cleared the 23.6% Fib retracement level from its recent swing low to high.
- A key bearish trend line was broken with resistance at $3,000 on the hourly chart of ETH/USD.
- However, Ethereum is still trading below $3,030 and the 100-hourly Simple Moving Average.
Potential for Another Decline in ETH
If Ethereum fails to surpass the $3,050 resistance level, it could be poised for another decline. The immediate support lies around $2,940, followed by a major support zone near $2,880. A breach below the crucial $2,820 support could trigger further losses for the cryptocurrency, potentially leading it towards $2,740 and even $2,650 levels in the near future.
Technical Indicators:
As investors analyze the technical indicators for Ethereum, it’s important to keep an eye on the following:
- Hourly MACD: The MACD for ETH/USD is showing signs of weakening momentum in the bearish zone.
- Hourly RSI: The RSI for ETH/USD has now crossed above the 50 level, indicating a potential shift in sentiment.
With the major support level at $2,940 and resistance level at $3,050, investors should closely monitor Ethereum’s price movements in the coming days to make informed decisions.
Hot Take: Prepare for Ethereum’s Next Move
As Ethereum battles key resistance levels and potential downside risks, it’s crucial for crypto investors to stay vigilant and adapt to the changing market dynamics. By closely following price trends and technical indicators, you can position yourself strategically to capitalize on opportunities and mitigate risks in the volatile cryptocurrency market. Keep a close watch on Ethereum’s price action and be prepared for any significant moves that may occur in the near future.
By
By
By