As an experienced financial analyst, I’ve closely followed Ethereum’s price movements and market trends. Based on the current situation, it appears that Ethereum has once again tested the crucial support zone at $3,365. The price decline below the $3,500 mark and the 100-hourly Simple Moving Average is a bearish sign.
The price of Ethereum dipped once more and touched the $3,365 mark as a potential support level. A bullish trend may ensue for Ethereum, pushing its value up to around $3,700 if it manages to hold above the $3,365 threshold.
- Ethereum is still holding the key $3,365 support zone.
The price is trading below $3,550 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could form a double-bottom pattern and rise toward the $3,700 resistance.
Ethereum Price Retests Key Support
The price of Ethereum struggled to advance beyond the hurdles at $3,580 and $3,650. In response to this setback, ETH followed Bitcoin‘s downturn and slipped beneath the support level at $3,500. A significant drop below $3,420 ensued, but Ethereum bulls regained some ground near $3,350.
Near the $3,350 mark, a trough emerged in the price chart. Subsequently, the price surged past the previous hurdles at $3,380 and $3,400. The 23.6% Fibonacci retracement threshold from the peak at $3,649 to the low at $3,350 was also surmounted by the price.
Currently, Ethereum’s value hovers around $3,550 and under its 100-hour moving average. There are indications of a possible double-bottom formation, which could lead to an uptrend towards the $3,700 resistance. However, if there is a new surge in price, it may encounter resistance near the $3,460 mark.
As an analyst, I’d interpret the market data as follows: The first significant barrier to Ethereum’s upward momentum lies around the $3,500 mark or the 50% Fibonacci retracement level following the price drop from the $3,649 peak to the $3,350 trough. Additionally, an emerging bearish trend line on the hourly Ethereum-to-USD chart adds resistance near this level.
Breaking above the $3,500 barrier could propel the price upward. The subsequent significant resistance lies at $3,580. Surmounting this hurdle may grant the price the momentum to advance towards $3,650.
Moving past the $3,650 threshold could propel Ether upwards towards the $3,720 resistance. Surmounting that level could pave the way for further advancement towards the $3,800 resistance area.
Downside Break In ETH?
As an analyst, I would interpret the current situation for Ethereum as follows: If Ethereum doesn’t manage to surpass the resistance level at $3,500, there’s a possibility it might continue heading south. The initial support lies around $3,380. A more significant support can be found at $3,350.
If the price falls significantly below the $3,350 mark of support, it could potentially lead to a further decline towards $3,250. Should the losses continue, the price may head towards the nearby resistance at $3,120.
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 zone.
Major Support Level – $3,350
Major Resistance Level – $3,500
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-06-18 06:40