Ethereum Price: Recovery and Potential Decline Ahead
After testing $3,080, Ethereum experienced a recovery wave, but the price is still below $3,350 and the 100-hourly Simple Moving Average. However, there are signs of a possible continuation of the upward movement if the price maintains above the $3,180 support zone.
Recovery above $3,200
Despite dipping below the $3,250 support zone and reaching as low as $3,080, Ethereum’s price is now on the rise. It managed to break above the $3,200 resistance level and surpassed the 23.6% Fib retracement from the recent downward move. Additionally, a bearish trend line was breached with resistance at $3,220 on the hourly chart of ETH/USD.
- If Ethereum continues to rise, it may encounter resistance near $3,300.
- The major hurdles include $3,350, the 100-hourly Simple Moving Average, and the 61.8% Fib retracement level at $3,400.
Potential Decline
Should Ethereum fail to surpass the $3,300 resistance, a further decline could be expected. The initial support level is at $3,185, followed by a more significant support near $3,120. Breaking below $3,120 could lead to a drop towards $3,080 and potentially $3,020 in the short term, with a crucial support level at $2,950.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD indicates bullish momentum.
- Hourly RSI: The RSI for ETH/USD is now above the 50 mark, suggesting a positive trend.
Key levels to watch are a major support at $3,185 and a major resistance at $3,350.
Hot Take: Stay Cautious Amidst Ethereum’s Price Fluctuations
As Ethereum’s price continues to show signs of recovery but remains below crucial resistance levels, it is essential to monitor the situation closely to assess potential trading strategies. Keeping an eye on support and resistance levels, as well as technical indicators, can help you make informed decisions in this volatile market.
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