As a researcher with experience in cryptocurrency markets, I believe Ethereum price is showing signs of recovery after hitting the support at $2,865. However, it’s important to note that ETH is still trading below key resistance levels and technical indicators suggest bearish momentum.
Ethereum‘s price is making an effort to bounce back from its support at $2,865. If Ethereum can overcome the resistance at $2,960, it could mark the beginning of a new upward trend.
- Ethereum remained stable and attempted a recovery wave above $2,900.
The price is trading below $2,950 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance at $2,930 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a major increase if there is a close above the $2,990 and $3,000 resistance levels.
Ethereum Price Holds Support
The price of Ethereum dipped as low as $2,864 before initiating an uptrend similar to Bitcoin. Notably, Ethereum surpassed the resistance levels at $2,900 and $2,920. Additionally, there was a significant breach above a prominent bearish trendline with a resistance level of $2,930 on the hourly chart for Ethereum/USD.
As a researcher studying the market trends, I’ve observed that the price reached a peak above $2,980 and briefly touched $3,000. A new record high was established at $2,992, but the price is now correcting its gains. There was a small dip below the $2,960 mark. The 23.6% Fibonacci retracement level of the recent surge from the $2,864 swing low to the $2,992 high was breached, with the price dipping beneath this support level.
As a researcher studying the Ethereum market, I’ve observed that its current trading price has dipped below the $2,950 mark and fallen beneath the 100-hour Simple Moving Average. Immediate resistance lies at the $2,950 level and is further reinforced by a bearish trend line on the same chart. Should the bulls manage to regain momentum and replicate their recent breakout, we might witness another price surge.
As a researcher studying market trends, I’ve identified two significant levels of resistance in the price chart. The first one is around $3,000, where we may encounter considerable opposition to further price increases. The second resistance lies at $3,050. Overcoming this hurdle could potentially provide the momentum for the price to advance toward the $3,120 level.
Should the price break above the $3,150 mark with conviction, it is likely to advance further, encountering resistance at $3,220. Surmounting this hurdle might propel Ether towards the resistance area of $3,250.
Another Failure In ETH?
If Ethereum is unable to surpass the $2,950 threshold, there’s a possibility it may initiate another drop. The primary support lies around the $2,293 and the 50% Fibonacci retracement mark of the upward trend from $2,864 to $2,992.
As a researcher studying market trends, I’ve identified two significant support levels for a particular asset. The first one is around the $2,900 mark. If this level holds, the price may stabilize. However, should we witness a clear downward trend below the $2,865 support, the price could potentially slide down to $2,740. Further losses might even push the price towards the near-term support at $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,865
Major Resistance Level – $2,950
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2024-05-14 08:28