As a researcher with a background in cryptocurrency analysis, I have closely observed the Ethereum price action over the past few days. Based on my analysis of the given chart and technical indicators, it appears that Ethereum is currently facing a major hurdle near the 100-hourly Simple Moving Average.
As a researcher studying Ethereum‘s price movements, I’ve observed that after hitting a low at around $2,820, Ethereum has initiated a rebound. Currently, ETH is advancing, but it encounters a significant resistance level just above at the 100-hour moving average.
- Ethereum found support at $2,820 and started a recovery wave.
The price is trading below $3,050 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it fails to clear the $3,050 resistance.
Ethereum Price Faces Key Hurdle
As a crypto investor, I’ve witnessed Ethereum’s price slide below the $3,000 mark, mirroring Bitcoin‘s trend. The downturn took ETH to test the critical support at around $2,820. A new low was formed at $2,813 before the market showed signs of recovery.
The price of Ethereum (ETH/USD) surpassed the barriers at $2,880 and $2,950. It also exceeded the 23.6% Fibonacci retracement level marking the downward trend from the peak of $3,355 to the trough of $2,813. Moreover, there was a breach above a significant bearish trendline, which had resistance at $3,000 on the hourly Ethereum chart.
Bears are currently more active with Ethereum’s price hovering below the $3,030 mark and the 100-hour Simple Moving Average. A potential resistance lies at $3,030, while the first significant barrier to a potential upward trend is situated around $3,050.
The price may encounter significant resistance at around $3,085 or the 50% mark of the price drop from the peak of $3,355 to the low of $2,813. Overcoming this hurdle could pave the way for a potential upward trend towards $3,150.
As a researcher observing the market dynamics of Ethereum (ETH), if the bulls manage to drive the price above the $3,150 mark, there is a strong likelihood of a gradual upward trend toward the $3,250 resistance level. Any further advancements could potentially propel ETH towards the resistance zone of $3,350.
Another Decline In ETH?
Should Ethereum be unable to surmount the $3,050 resistance point, there’s a risk of another drop. A preliminary floor can be found around $2,940. The primary support lies in the vicinity of $2,880.
As an analyst, I would interpret the current market situation as follows: The price is currently holding steady around the significant support level of $2,820. A potential break below this level could lead to a downward trend, with the next key support at $2,740 becoming a likely target. Further losses might push the price even lower, towards the near-term 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 above the 50 level.
Major Support Level – $2,940
Major Resistance Level – $3,050
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2024-05-03 07:34