Ethereum surged past $3,300 but faced strong resistance at $3,350. The price took a sharp downturn and is now trading below $3,220 and the 100-hourly SMA. A bullish trend line was broken at $3,250 on the hourly chart of ETH/USD. The bears could take control if Ethereum trades below $3,165, which is also the 61.8% Fib retracement level.
The price of Ethereum surpassed the $3,300 threshold. It challenged the $3,350 resistance before experiencing a significant drop below $3,300.
- Ethereum rallied toward $3,350 before the bears appeared again.
The price is trading below $3,220 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below the $3,165 support.
Ethereum Price Trims Gains
As an analyst, I’ve observed that Ethereum’s price has been on a robust upward trajectory, surpassing the $3,200 mark with ease. In comparison to Bitcoin, Ethereum’s performance has been more impressive, enabling it to even break through the resistance level at $3,300. Nevertheless, bears have re-emerged near the $3,350 threshold.
At a price of $3,355, a new peak was reached and then the value began to drop once more. There was a significant decrease in price below the $3,300 mark. The decline continued past the 50% retracement level of the price increase that occurred between the swing low at $3,070 and the high at $3,355.
On the hourly chart for Ethereum/USD, there was a notable drop beneath a significant trend line that previously offered support at $3,250. Currently, Ethereum is trading below $3,220 and falls short of the 100-hour Simple Moving Average.
As a researcher studying the price action of a particular financial instrument, I’ve observed that the bulls have become more active around the $3,165 mark and the 61.8% Fibonacci retracement level, which represents a key support level following our recent upward move from a swing low at $3,070 to a high of $3,355. It’s important to note that resistance now lies near the $3,210 level and the 100-hourly Simple Moving Average.
The initial significant barrier to advancement lies around $3,250. Following this, a crucial hurdle can be found at $3,350. Overcoming this resistance may lead Ethereum’s price to pick up momentum and head towards the $3,465 threshold. A successful break above $3,465 could propel Ether further, targeting the resistance at $3,550. Surmounting this level might even encourage a challenge of the $3,680 resistance. Further gains could potentially push Ethereum towards the resistance area of $3,750.
More Downsides In ETH?
As a crypto investor, if Ethereum doesn’t manage to surpass the $3,210 resistance, it might keep sliding. The initial support for Ethereum can be found around the $3,180 mark. However, the first significant support lies in the vicinity of the $3,165 area.
If the price holds around $3,070, it acts as a significant support. A decline beneath this level could trigger further selling and potentially push the price down to around $3,030. Any additional losses may lead the price to approach the nearby resistance at $2,880.
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 – $3,165
Major Resistance Level – $3,210
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2024-04-29 07:34