Ethereum Price Recovery Attempt Meets Resistance
As Ethereum embarked on a recovery journey, it managed to surpass the $3,660 resistance level. However, the price encountered a hurdle below $3,750 and the 100-hourly Simple Moving Average. A key bearish trend line is forming, presenting resistance near $3,740 on the ETH/USD hourly chart.
- Despite the initial setback, Ethereum could initiate a fresh upward trajectory.
- For the upward momentum to continue, it is crucial to maintain support above $3,640.
- Technical indicators suggest a potential bullish scenario if resistance at $3,740 is breached.
Price Correction and Potential Hurdles
Following a dip below the $3,660 support zone, ETH found temporary relief near $3,574 before resuming its uptrend. The price managed to surpass the 50% Fib retracement level from the recent swing high to the low.
Despite these gains, Ethereum is currently positioned below $3,740 and the 100-hourly Simple Moving Average. A notable obstacle lies at the $3,700 level, with a critical trend line forming near $3,740 on the ETH/USD chart.
- Breaking above $3,740 could pave the way for further price appreciation towards $3,800 and beyond.
- A substantial bullish momentum could lead ETH towards $4,000 and potentially the $4,080 resistance zone.
- The scenario may change if Ethereum fails to breach the $3,740 resistance, leading to a downward spiral.
Potential Downside and Support Levels
If Ethereum struggles to overcome the $3,740 barrier, a downside movement could be in the cards. Initial support is seen around $3,660, followed by a significant level near $3,640.
To avoid further decline, Ethereum must maintain above $3,580 to ward off a potential drop towards $3,500 and possibly $3,450 in the near future.
Technical Indicators and Key Levels
- Hourly MACD – The MACD for ETH/USD indicates a growing bearish trend.
- Hourly RSI – The RSI for ETH/USD is currently below the 50 mark, suggesting a bearish sentiment.
While the focal support level stands at $3,640, breaking above the $3,740 resistance could set Ethereum on a positive trajectory towards higher price levels.
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