As a seasoned crypto investor with several years of experience under my belt, I’ve seen Ethereum price cycles come and go. And right now, it looks like ETH is testing the waters below the $3,000 mark once again.
The price of Ethereum has continued to decline, touching the support at around $2,940. If Ethereum manages to surmount the resistance points at $3,000 and $3,030, it may initiate a new upward trend.
- Ethereum remained in a bearish zone and traded below the $3,000 level.
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 $2,980 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,940 support to start another increase toward $3,220.
Ethereum Price Dips Below $3K
The price of Ethereum continued to trend downward and fell beneath the $3,050 mark, similar to Bitcoin‘s decline. Ethereum sellers managed to drive the price below the $3,000 threshold.
At a price of $2,936, a low point was reached, and Ethereum is currently regrouping after incurring losses. The cryptocurrency is now below the $3,050 mark and falls short of the 100-hour Simple Moving Average. Lately, Ethereum managed to surpass a significant bearish trendline, which previously served as resistance at $2,980 on its hourly chart against the US Dollar.
As a researcher studying financial markets, I’ve identified two potential levels of resistance for Bitcoin prices. The initial resistance lies around the $3,000 mark or at the 23.6% Fibonacci retracement level following the recent price decline from the peak of $3,218 to a low of $2,936. The second significant resistance is located near the $3,030 level, which coincides with the 100-hour Simple Moving Average.
As a researcher studying the price movements of Ether, I’ve identified the next significant resistance level at $3,080 or the 50% Fibonacci retracement mark of the recent downtrend from the $3,218 peak to the $2,936 trough. Should the price breach this barrier, it may regain momentum and advance toward the $3,150 level. A clear break above $3,150 could lead to further gains, potentially pushing Ether to challenge the resistance zone at $3,220. Any additional progress beyond this point might propel Ether toward the $3,350 resistance area.
More Losses In ETH?
As a crypto investor, if Ethereum doesn’t manage to surpass the $3,030 resistance, we could be in for another price drop. A potential floor lies around the $2,965 mark. The significant support level is located near the $2,940 area.
As a crypto investor, I’m keeping a close eye on the market and noting that the next potential support for the price lies around the $2,880 mark. Should the price fail to hold above this level, it could lead to further losses, potentially pushing the price down towards $2,720. If we continue to see bearish trends, the price may even dip below the $2,650 support in the near 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 – $2,940
Major Resistance Level – $3,030
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2024-05-09 06:04