The Ethereum price was unable to surpass the $3,280 barrier for resistance. Subsequently, Ethereum’s value dropped below the $3,200 mark as support, and it is currently holding steady above $3,100.
- Ethereum struggled to clear the $3,250 and $3,280 resistance levels.
The price is trading below $3,200 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below the $3,100 support.
Ethereum Price Trims Gains
The price of Ethereum had a tough time surpassing the barriers at $3,250 and $3,280. Subsequently, ETH initiated a downward trend and dipped below the $3,200 support level, moving into a brief bearish phase similar to Bitcoin.
Additionally, Ethereum’s hourly chart against the US Dollar exhibited a break below a significant bullish trendline, which previously held at around $3,190. The ETH/USD pair continued to fall and touched $3,150 before attempting a test of $3,100. A new low has been established at $3,105, and currently, the price action is showing signs of consolidation following these losses.
Currently, Ethereum’s price is dipping below the $3,200 mark and falling short of the 100-hour Simple Moving Average. The cryptocurrency is attempting to hold at the 23.6% Fibonacci retracement level of its recent downward trend, which spanned from the peak of $3,291 to the low of $3,105.
Close by, at around $3,180, you’ll find strong opposition in the form of immediate resistance, which is also where the 100-hour Simple Moving Average lies. The first significant barrier to advancement can be found around $3,200 or at the 50% Fibonacci retracement mark of the recent price drop from the $3,291 peak to the $3,105 trough.
The price of Ethereum may encounter its next significant barrier at $3,220. If it manages to break through this point, it could potentially gather momentum and climb towards $3,250. A successful breach above the $3,250 level might push Ethereum further up to $3,280. Should Ethereum surmount the $3,280 hurdle, it could aim for the resistance at $3,350. If Ethereum continues to gain ground, it may challenge the $3,500 resistance area.
More Losses In ETH?
If Ethereum is unable to surpass the $3,200 hurdle, there’s a possibility it may continue to decline. A preliminary floor lies at approximately $3,120. The primary support area is around $3,100.
An important point of resistance for the price lies around $3,030. Dropping below this threshold could trigger additional selling, potentially causing the price to fall as low as $2,850. Further declines might push the price down to the nearby support at $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,100
Major Resistance Level – $3,200
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2024-04-25 07:16