Key Support Levels for Ethereum
Another downturn in Ethereum’s price has brought it below the $3,880 mark, with the crypto failing to breach the $4,000 resistance level. However, Ethereum remains above $3,750 and maintains its position above the 100-hourly Simple Moving Average, indicating potential support. Here are some key support levels and resistance levels to watch for:
Reaching Critical Support
Ethereum’s recent correction has seen it dip below crucial support levels, including $3,880. Despite this, the coin found support near $3,760, where bulls stepped in to prevent further downside. Currently, the price is trading slightly above $3,750 and is showing signs of potential recovery. Here are some key details to keep an eye on:
- Ethereum encountered resistance at $3,880.
- A bearish trend line is forming with resistance at $3,880 on the hourly chart.
- The $3,920 level serves as a significant resistance point for ETH.
- Further resistance at $3,950 and $4,000 could pave the way for a bullish breakout.
Potential for More Losses
If Ethereum fails to overcome the $3,880 resistance, a continued downside movement may be expected. Key support levels to monitor include $3,800 and $3,760, with a break below the latter potentially leading to further declines. Technical indicators suggest a bearish outlook in the short term:
- Hourly MACD: The MACD for ETH/USD is showing signs of weakening momentum.
- Hourly RSI: The RSI for ETH/USD has dipped below the 50 mark.
- Major Support: $3,760
- Major Resistance: $3,880
Potential Price Movements for Ethereum
With Ethereum currently hovering around the $3,750 level, the cryptocurrency’s price outlook remains uncertain. While a break above $3,880 could trigger a fresh uptrend, a failure to overcome this resistance level may result in further downward pressure. Traders and investors are advised to closely monitor Ethereum’s price action in the coming sessions for potential trading opportunities.
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