The price of Ethereum may encounter several obstacles around the $3,200 mark. If Ethereum fails to surpass $3,200 and $3,280, it might lead to a bearish trend.
- Ethereum is struggling to recover above the $3,200 resistance zone.
The price is trading below $3,200 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another decline if there is a close below the $3,000 support zone.
Ethereum Price Faces Hurdles
The price of Ethereum bounced back above the $3,000 mark and advanced beyond the $3,120 threshold. Nevertheless, sellers put up a fight around the $3,280 resistance level.
At a price of $3,278, Bitcoin formed a new peak and subsequently began to drop. The support at $3,200 was broken, and the price fell below the 23.6% Fibonacci retracement mark of the upward trend from the $2,537 trough to the $3,278 peak.
An intriguing development occurred in the Ethereum market as well: the price dipped beneath a supporting trend line at $3,100 on the hourly ETH/USD chart, causing Ethereum to fall below $3,200 and drop beneath the 100-hour SMA.
Close to $3,200, there’s strong resistance present. Around $3,250 is where you’ll find the first significant resistance. At approximately $3,280, there’s a notable resistance level. Surpassing this could lead Ether to challenge the $3,350 mark. The substantial barrier lies at $3,500 – if Ethereum can overcome this, it could fuel a bullish trend.
If the price reaches the level of $3,620 in the given scenario, it may continue to increase, potentially reaching the $3,750 resistance point. Overcoming the $3,620 barrier could lead Ethereum to climb further up to $3,750.
More Losses In ETH?
Should Ethereum be unable to surmount the $3,200 barrier, it might keep declining. The first line of defense on the drop lies around $3,000.
The price may find its initial strong resistance around the $2,900 region or the 50% Fibonacci retracement mark of the upward trend from $2,537 to $3,278. The subsequent significant support could be at $2,820. If the price drops below $2,820, it may lead to a fall towards $2,650. Further declines might push the price down to the $2,550 mark.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,200
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2024-04-16 07:16