An Update on Ethereum Price Movement 📉
As an avid follower of Ethereum’s price movements, you must be aware that Ethereum recently faced a challenging time in the market. The price struggled to surpass the $3,650 resistance level and experienced a rejection, resulting in a fresh decline below $3,550. This downward trend mirrors what happened with Bitcoin. Let’s delve into the recent price action of Ethereum:
Price Action Recap 🔄
- Ethereum started another decline, breaching the $3,500 support zone.
- The price is currently trading below $3,500 and the 100-hourly Simple Moving Average.
- A key bearish trend line is forming with resistance near $3,420 on the hourly chart of ETH/USD.
- Potential bullish momentum might be seen if Ethereum settles above the $3,450 resistance zone.
Analyzing Ethereum’s Downtrend ⬇️
The recent price action of Ethereum saw a sharp dip below key support levels such as $3,500 and $3,450. Eventually, the price retested the $3,320 support zone, forming a low at $3,324. Currently, Ethereum is making an attempt to initiate a recovery wave, with a slight move above the $3,360 level. However, the price continues to trade below $3,500 and the 100-hourly Simple Moving Average.
Resistance and Potential Upside 🔼
On the upside, Ethereum faces immediate resistance near the $3,400 level, which coincides with the 23.6% Fib retracement level of the recent downward move. The primary hurdle lies at the $3,420 level and the bearish trend line. A conclusive breakthrough above $3,450 could pave the way for a test of the 50% Fib retracement level at $3,520 and the 100-hourly Simple Moving Average.
- The next significant resistance levels to watch out for are $3,520 and $3,650.
- A move above $3,650 could propel Ethereum towards the $3,720 resistance level.
- Further bullish momentum might see Ethereum targeting $3,880 in the near term.
Potential for Further Losses in ETH? 📉
If Ethereum fails to surpass the $3,420 resistance and faces continued selling pressure, it could extend its downward trajectory. In such a scenario:
- Initial support is expected near the $3,320 level.
- The critical support zones to monitor are $3,250 and $3,220.
- A breach below $3,220 could trigger a deeper decline towards $3,120 and potentially $3,040.
Technical Indicators Overview 🔍
- Hourly MACD: The MACD for ETH/USD is indicating a loss of momentum in the bearish zone.
- Hourly RSI: The RSI for ETH/USD has dipped below the 50 level, reflecting increased selling pressure.
Key Levels to Monitor 📊
- Major Support Level: $3,320
- Major Resistance Level: $3,420
Hot Take: Stay Tuned for Ethereum’s Next Moves! 💡
As an active observer of Ethereum’s price behavior, it’s crucial to stay informed about the key resistance and support levels. Keep a close eye on how Ethereum interacts with these levels in the coming sessions to gauge its potential price trajectory. Stay vigilant 🚀!
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