As a researcher with experience in cryptocurrency markets, I have closely monitored the recent price action of Ethereum (ETH). After a period of bearish sentiment, ETH started recovering and even surpassed the $2,920 resistance. However, its progress has been slower compared to Bitcoin, which could pose challenges for further upside momentum above the $3,050 resistance.
The Ethereum price has rebounded, surpassing the $2,920 mark of resistance. However, Ethereum may face challenges in advancing further beyond the $3,050 threshold, given its current lag behind Bitcoin‘s growth.
- Ethereum started a recovery wave and even climbed above $3,000.
The price is trading above $2,950 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could now struggle to clear the $3,040 and $3,050 resistance levels.
Ethereum Price Recovers Nearly 5%
The price of Ethereum held steady above the $2,860 support level and then surged, adding approximately 5% in value. This growth was less pronounced than Bitcoin’s increase. A significant development occurred as Ethereum broke past a pessimistic trendline on the hourly ETH/USD chart, marking resistance at $2,900.
As an analyst, I’ve observed the market closely and noticed that the bulls managed to push the price above significant resistance levels at $2,950 and $3,000. Consequently, a new weekly high was established at $3,039. Currently, the price action is consolidating these gains. I also noted that the price tested the 23.6% Fibonacci retracement level derived from the recent wave, which extended from the swing low at $2,860 to the high at $3,039.
Ethereum is still well above $2,950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,040 level. The first major resistance is near the $3,050 level.
Breaking above the $3,050 barrier could propel Ethereum’s price upward. The subsequent significant resistance lies at $3,150, surpassing which could provide the necessary momentum for the price to advance towards $3,220. A strong push past $3,220 may lead the price to challenge the $3,350 resistance and potentially reach the $3,500 resistance area.
Are Dips Supported In ETH?
If Ethereum is unable to surpass the $3,050 resistance point, it may trigger a decline. The initial floor for this potential drop lies around the $3,000 mark. The primary support zone can be found at roughly $2,950 or the 50% retracement level of Ethereum’s recent price movement, which ranges from its swing low of $2,860 to its high of $3,039.
Moving forward, the price is approaching a key support at around $2,930. A significant drop below this level could potentially lead to further declines towards $2,900. Continued losses might eventually push the price downward towards $2,860 in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,950
Major Resistance Level – $3,050
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2024-05-16 06:40