Your Essential Ethereum Price Update
As an avid follower of Ethereumโs price movements, youโll be pleased to know that Ethereum found crucial support near $2,940 and has since embarked on a steady upward trajectory. Here are the key highlights of the latest developments:
Ethereum Price Holds Support
Following a dip below the $3,000 mark, similar to Bitcoin, Ethereum hit a support level around $2,940 before initiating a recovery phase. The cryptocurrency bottomed out at $2,936 before commencing a bullish correction.
- A positive movement above the $2,980 level was observed.
- The price surpassed the 23.6% Fib retracement level from the recent downward swing.
- A significant breakthrough occurred as a major bearish trend line was breached at $2,990 on the hourly ETH/USD chart.
Currently, Ethereum is hovering near $3,030 and is in proximity to the 100-hourly Simple Moving Average. The immediate hurdles that Ethereum faces include the $3,040 level and the 100-hourly SMA. The primary resistance stands at $3,080, which corresponds to the 50% Fib retracement level from the recent swing high at $3,218 to the low at $2,936.
Will Ethereum Witness Another Decline?
However, if Ethereum fails to surpass the $3,080 resistance level, a potential downtrend might ensue. The initial support level lies at $3,000, followed by a major support zone around $2,935. Further support can be anticipated around $2,880, with a breach below this level possibly leading to a dip towards $2,720. Any excessive losses could potentially drive the price down to the $2,650 region in the near future.
Technical Indicators
Here are the latest technical indicators for Ethereum:
- Hourly MACD โ The MACD for ETH/USD is displaying increasing bullish momentum.
- Hourly RSI โ The RSI for ETH/USD has now surpassed the 50 level.
Summary
To summarize, Ethereumโs price action is currently at a critical juncture, with both bullish and bearish scenarios in play. As a discerning investor, itโs essential to keep a close eye on the key resistance and support levels mentioned above to make informed trading decisions.
For more detailed insights and real-time updates on Ethereumโs price movements, you may refer to the official source.
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