Bitcoin Price Holds Ground While Ethereum Faces Resistance
As a crypto enthusiast, you may have noticed Ethereum’s decline as it recently tested the $3,720 support zone. Unlike Bitcoin, Ethereum is currently trading below $3,820 and the 100-hourly Simple Moving Average. A new bearish trend line is forming with resistance at $3,810 on the hourly chart of ETH/USD, indicating potential further downtrends if the $3,720 support is breached.
Bulls Step In at $3,720 Support Zone
- Ethereum’s price entered a short-term bearish phase, dropping below the $3,800 support and even trading below the 50% Fib retracement level.
- Support was evident at the $3,720 level, with bulls defending the 76.4% Fib retracement level, indicating accumulation at this level.
- Despite the drop, Ethereum is now trading below $3,800 and the 100-hourly Simple Moving Average, facing resistance at $3,800 and a newly formed bearish trend line at $3,810.
Potential for Further Losses in Ethereum
If Ethereum fails to break the $3,800 resistance, the downward momentum may continue. Initial support lies at $3,720, with a more significant support zone around $3,640. A clear break below $3,640 could lead to a further decline towards $3,550 and potentially $3,500 in the near term.
Technical Indicators to Consider
- Hourly MACD: The MACD for ETH/USD is showing signs of losing bearish momentum.
- Hourly RSI: The RSI for ETH/USD has dipped below the 50 zone, indicating a potential shift towards oversold conditions.
- Major Support Level: $3,720
- Major Resistance Level: $3,800
Seeking Bullish Momentum in Ethereum’s Price Movement
Considering the current market trends, it is essential to observe how Ethereum’s price reacts at key resistance and support levels. With potential resistance at $3,800 and $3,810, breaking above these levels could signal a bullish trend reversal. On the other hand, failure to surpass these barriers may result in further downside movements towards critical support levels.
Hot Take: Ethereum Navigates Through Resistance Levels
As an active participant in the crypto space, it’s crucial to monitor Ethereum’s price action closely, especially as it encounters significant resistance levels. By assessing key support and resistance zones, you can better anticipate potential price movements and make informed trading decisions.
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