Struggling Ethereum Price Faces Resistance
As an avid follower of the cryptocurrency market, you may have noticed that Ethereum is currently facing several obstacles in its price movement. The digital asset is struggling to surpass key resistance levels near $3,350 and $3,360, hindering any significant upward momentum. Below are the key highlights affecting Ethereum’s price:
- Ethereum price is currently trading below $3,350 and the 100-hourly Simple Moving Average, indicating a bearish trend.
- A break below a rising channel with support at $3,320 on the hourly chart of ETH/USD has added to the selling pressure.
- If the price fails to hold above the $3,200 support zone, there is a risk of further downside potential for Ethereum.
Ethereum Price Signals Downside Correction
In recent trading sessions, Ethereum’s price dipped below the $3,300 level before finding support. The digital asset reached as low as $3,215 before experiencing a minor recovery, following a similar pattern to Bitcoin. Despite climbing back above $3,250 and $3,280, Ethereum faced resistance near the $3,360 level, leading to renewed bearish sentiment.
Following a move above the 23.6% Fibonacci retracement level, the bears remained active near the $3,360 resistance, causing the price to react negatively to the downside. With a break below a rising channel support at $3,320, Ethereum is currently trading below $3,300 and the 100-hourly Simple Moving Average.
Key resistance levels for Ethereum include $3,300, $3,360, and $3,435, with the 50% Fib retracement level acting as a significant barrier. A move above these levels could see Ethereum testing $3,500 and potentially aiming for higher levels.
Potential for Further Losses in ETH Price
Should Ethereum fail to break above the $3,360 resistance level, it may face continued downward pressure. Initial support is anticipated near $3,240, with major support levels at $3,215 and $3,200. A clear break below $3,200 could signal further losses, potentially pushing the price towards $3,120 or even $3,040.
Technical Indicators for Ethereum
- Hourly MACD – The MACD for ETH/USD is showing increasing bearish momentum.
- Hourly RSI – The RSI for ETH/USD is currently below the 50 level, indicating a bearish trend.
With a major support level at $3,215 and resistance at $3,360, Ethereum’s price movement will be crucial to watch in the coming trading sessions to determine the next trend direction for the digital asset.
Hot Take: Keeping an Eye on Ethereum’s Price Movements 🚀
As a savvy crypto investor, you understand the importance of monitoring Ethereum’s price closely, especially during periods of volatility and uncertainty in the market. With key resistance levels at $3,350 and $3,360, Ethereum faces challenges in regaining bullish momentum. Stay tuned for further updates on Ethereum’s price trajectory to make informed investment decisions in the crypto market.
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