Resilient Ethereum Price Holds Key Support Level Amid Market Volatility
Despite market turbulence, Ethereum managed to maintain support near the $3,700 level, showing resilience in the face of recent price fluctuations. As the crypto market experiences ups and downs, Ethereum price remains near $3,800, supported by the 100-hourly Simple Moving Average and a key bullish trend line around $3,760.
Recovery Wave Initiates for Ethereum Price
After struggling to gain momentum, Ethereum price dipped below the $3,750 support level, mirroring Bitcoin’s price movement. However, the bulls stepped in to defend the $3,700 support zone, leading to a bounce back. The price is now trading above $3,750, with a positive trajectory in the short term.
- A low was established at $3,702 before a recovery wave kicked in.
- The price surpassed key resistance levels, including the 23.6% Fib retracement level of the recent downward move.
- Ethereum price is now consolidating near $3,800, supported by the 100-hourly Simple Moving Average.
- A crucial bullish trend line is visible on the hourly chart, indicating support around $3,760.
Key Resistance Levels for Ethereum Price
Despite the recent price recovery, Ethereum may face resistance near the $3,830 level. Further significant levels to watch include:
- The $3,880 level, acting as a major resistance barrier.
- Above $3,880, the next obstacle lies at $3,950, followed by a potential surge towards $4,000.
- A successful break above $4,000 could propel the price towards $4,080 and eventually $4,220.
Potential Bearish Scenarios for Ethereum Price
If Ethereum fails to breach the $3,830 resistance level, it may undergo another downward correction. Key support levels to monitor in such a scenario are:
- The $3,750 level, followed by the established bullish trend line.
- A break below $3,720 could result in a drop towards $3,660 and possibly $3,550.
Technical Indicators for Ethereum Price
The hourly MACD for ETH/USD indicates a loss of bearish momentum, signaling potential upward movement. Additionally, the hourly RSI for ETH/USD has crossed above the 50 mark, suggesting a positive trend in the short term.
Key Support and Resistance Levels
- Major Support Level – $3,720
- Major Resistance Level – $3,880
Hot Take: Ethereum Price Outlook
Ethereum’s ability to hold the $3,700 support level amidst market volatility showcases its resilience and potential for a bullish trajectory. While facing initial resistance at $3,830, a successful breach could pave the way for a surge towards $4,000 and beyond. Conversely, failure to surpass resistance levels may lead to a pullback towards $3,660, highlighting the importance of monitoring key support and resistance levels in the coming sessions.
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