Struggling Ethereum Price Faces Resistance
Despite attempting a recovery, Ethereum’s price struggles to break above key resistance levels. The cryptocurrency remains in a bearish trend, trading below crucial levels and facing resistance near $3,550.
Price Decline and Consolidation
Ethereum’s price failed to surpass $3,550 and $3,580 resistance levels, leading to a decline below $3,500. After dropping below $3,450, the price found support at $3,428 and is now consolidating losses. There was a slight uptick above the 23.6% Fib retracement level, but the overall trend remains bearish.
- ETH price couldn’t recover above $3,550 and $3,580 levels.
- Support found near $3,428 after breaching $3,450.
- Minor recovery above 23.6% Fib retracement level.
Resistance and Potential Upside
Ethereum continues to face resistance near $3,550 and is below the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at the $3,550 mark. Any upside movement may encounter hurdles near $3,540 and the 50% Fib retracement level, before aiming for higher levels.
- Key resistance near $3,550 and trend line resistance.
- Possible hurdles at $3,540 and 50% Fib retracement level.
- Potential for a break above $3,720 for further gains.
Potential Downside Scenario
If Ethereum fails to overcome the $3,550 resistance, it could see further downside movement. The initial support lies near $3,420, and a break below this level might lead to a test of $3,350. Continued losses could push the price towards $3,250 in the short term.
- Initial support at $3,420.
- Possible move towards $3,350 upon breaking support.
- Further decline may target $3,250 level.
Technical Indicators and Key Levels
Looking at the hourly MACD, ETH/USD shows a loss of bearish momentum, while the hourly RSI has dropped below the 50 zone. Key support is identified at $3,420, while a crucial resistance level stands at $3,550.
- Hourly MACD indicates waning bearish momentum.
- Hourly RSI falls below the 50 zone.
- Major support at $3,420 and resistance at $3,550.
Hot Take: Stay Cautious Amid Ethereum’s Price Volatility
As Ethereum faces resistance and potential downside risks, it’s crucial to monitor key levels and indicators for market direction. Stay alert for possible breakthroughs or setbacks in ETH price movements.
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