As an experienced financial analyst, I’ve closely observed Ethereum’s price movements and based on the current trend, it seems that Ether is undergoing a correction after touching the $3,040 resistance zone. The price has dipped below key support levels such as $2,960 and the 100-hourly Simple Moving Average. Furthermore, there’s a bearish trend line forming with resistance at $2,965 on the hourly chart.
Ethereum‘s price reached approximately $3,040 before experiencing a correction. Currently, Ethereum is attempting to hold the $2,925 support level and could potentially push for further growth.
- Ethereum started a downside correction after the bears defended $3,040.
The price is trading below $2,960 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close below the $2,925 support.
Ethereum Price Dips Again
The price of Ethereum rose above $2,950 and $2,960 for a fresh upward trend, similar to Bitcoin‘s surge. Ethereum managed to surpass the $3,000 mark before encountering resistance around $3,040 from bearish forces.
As a crypto investor, I’ve noticed that the price reached a new peak at $3,039 during the past week. However, it seems we’re experiencing a correction now, as the value has started to drop. We even saw the price fall below the significant support level of $3,000. Additionally, Ether dipped beneath the 50% Fibonacci retracement mark in our ongoing upward trend, which started from the swing low at $2,860 and peaked at $3,039.
As a crypto investor, I’m keeping a close eye on Ethereum’s current price action. Right now, ETH is trading beneath the $2,960 mark and below its 100-hour Simple Moving Average. But despite this bearish sign, there are positive indicators for the bulls. The support levels at $2,925 and the 61.8% Fibonacci retracement level of the upward move from $2,860 to $3,039 are areas where buyers have been active lately.
The price of Ethereum against the US Dollar is approaching a significant resistance point around $2,960. Additionally, an ominous downtrend line is emerging on the hourly chart for ETH/USD, with resistance at $2,965.
As an analyst, I’ve identified the first significant resistance for Ethereum at the $3,000 mark. Overcoming this hurdle could potentially propel the price upward. The next noteworthy resistance lies at $3,050, surpassing which might provide the necessary momentum for Ethereum to advance towards the $3,150 level. A clear breach above the $3,150 barrier may lead to further gains, potentially pushing Ethereum towards the $3,220 resistance zone. Continued upward movement could send Ethereum’s price into the $3,350 resistance area.
More Losses In ETH?
As a researcher studying the Ethereum market, if the cryptocurrency is unable to surmount the $2,965 resistance mark and the established trendline, there’s a likelihood that it may continue to slide. In case of such an eventuality, the initial support for Ethereum can be found around the $2,925 region.
If we look ahead, the next significant level of resistance is around $2,900. Dropping beneath this resistance could potentially lead to a downward trend towards $2,850. Further declines may cause the price to head towards $2,740 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 – $2,925
Major Resistance Level – $2,965
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2024-05-17 06:05