Struggling Ethereum Price
As a crypto enthusiast, you may have noticed that Ethereum’s price has been facing challenges trying to break above the $3,500 mark. Following Bitcoin’s downward trend, ETH took a hit and fell below the $3,350 level, eventually dropping below the $3,320 support zone.
After hitting a low of $3,230, the price of Ethereum is now on a corrective path. We saw a slight upward movement above $3,300 and $3,320, with the price surpassing the 23.6% Fibonacci retracement level of the recent drop from $3,517 to $3,230.
However, Ethereum is still struggling to surpass the $3,450 mark and the 100-hourly Simple Moving Average. Resistance is anticipated around $3,375 or the 50% Fibonacci retracement level of the recent decline from $3,517 to $3,230.
Support Found, But Can Ethereum Sustain It?
If Ethereum fails to breakthrough the $3,450 resistance, we might witness another downward spiral. The initial support is around $3,325, with major support lying near the $3,240 zone. A clear breach of the $3,240 level could pave the way for a further decline towards $3,200, and potentially $3,120 in the near future.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is displaying a loss of momentum in the bearish territory.
- Hourly RSI – The RSI for ETH/USD is now above the 50 mark.
Therefore, as an investor in Ethereum, it is crucial to keep a close eye on these key levels of support and resistance to gauge the future price movement of ETH.
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