As an observer with a background in financial markets and experience in analyzing cryptocurrency price movements, I see Ethereum’s price action trying to bounce back above the $3,125 support zone. However, it is currently facing resistance at the $3,200 level and has yet to clear this hurdle to continue its upward trend.
Ethereum‘s price is making an effort to rebound above the $3,125 mark. In order for Ethereum to proceed upward in the short term, it needs to surmount the resistance at $3,200.
- Ethereum extended losses and tested the $3,075 support zone.
The price is trading below $3,180 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below the $3,125 support.
Ethereum Price Faces Resistance
I’ve analyzed the Ethereum market, and it’s clear that its price faced significant challenges in regaining ground and dipped below the $3,100 mark. The lowest point reached was $3,074. Now, Ethereum is making another attempt to rebound, much like Bitcoin does in similar situations.
The price surpassed the $3,125 mark for a small rise, also exceeding the 23.6% Fibonacci retracement level following the recent decline from the peak of $3,292 to the trough of $3,074. Nevertheless, bears remain vigilant in the vicinity of $3,200 resistance.
Currently, Ethereum’s price hovers around $3,140 and falls below the 100-hour Simple Moving Average, which is now at approximately $3,180. A significant rising trendline, acting as support, emerges on the hourly chart of ETH/USD, with a key level at $3,140. Ethereum’s next resistance lies near the $3,180 mark and the 100-hour Simple Moving Average.
A significant obstacle to further price advancement can be found around the $3,200 mark or the point where the market has retraced 61.8% of its recent downturn from the peak of $3,292 to the trough of $3,074.
The next key resistance sits at $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone.
More Downsides In ETH?
Should Ethereum be unable to surpass the $3,180 barrier, there’s a possibility it may continue its descent. A preliminary floor can be found around $3,125. The primary support lies in the vicinity of $3,075.
If the price holds around $3,030 as a significant support, a significant drop below this point could lead to further declines, potentially pushing the price down to $2,880. Further losses might then take the price even closer to $2,750 in the short term.
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 – $3,125
Major Resistance Level – $3,200
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2024-04-26 06:44