ETH Faces Resistance at $3,250 Level
Currently, Ethereum is struggling to stay above the $3,250 mark and has initiated another downtrend. Similar to Bitcoin, Ether slipped below $3,200 and even dipped below $3,120 at one point, establishing a low at $3,113 before consolidating.
- There was a brief uptick above $3,200, breaking the 23.6% Fib retracement level from the recent decline from $3,355 to $3,113.
- However, selling pressure intensified near $3,240 and $3,250 levels, preventing any substantial recovery.
- The 50% Fib retracement level acted as a significant barrier, leading to a fresh decline below $3,200.
Short-Term Outlook for Ethereum Price
As Ethereum hovers below $3,200 and the 100-hourly Simple Moving Average, a short-term rising channel is taking shape with support at $3,170 on the hourly ETH/USD chart.
- The immediate obstacle lies near the $3,200 level and the 100-hourly SMA.
- The primary resistance is at $3,240, followed by a crucial barrier at $3,300, which could trigger a bullish rally towards $3,350.
- A breakthrough above $3,350 might propel Ether towards $3,450, potentially testing the $3,550 level and even aiming for $3,620.
ETH’s Downside Potential
If Ethereum fails to surpass the $3,250 hurdle, a continuation of the downward movement is likely. Initial support is anticipated around $3,170 and within the channel’s boundaries, with major support at $3,120.
- A key support level rests at $3,070, and a decisive drop below this could drive the price towards $3,030.
- Further downturns could lead Ether to test the $2,880 level in the near future.
Ethereum’s Technical Indicators
- Hourly MACD – The MACD for ETH/USD is showing bearish momentum as selling pressure intensifies.
- Hourly RSI – The RSI for ETH/USD has fallen below the 50 level, indicating increasing bearish sentiment.
- Major Support Level – $3,170
- Major Resistance Level – $3,250
Hot Take: Monitor $3,250 Level Carefully for Ethereum
As Ethereum grapples with the $3,250 resistance, it is vital to observe the price action carefully to gauge the potential direction of the market. With several support levels in play, traders and investors need to stay informed to make informed decisions amidst the ongoing market fluctuations.
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