As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Ethereum (ETH) go through its fair share of price fluctuations. Right now, the Ethereum price is showing signs of an upside break above the $2,900 level, but it needs to clear some key resistance levels first.
As a researcher studying Ethereum‘s price movements, I can observe that the cryptocurrency is currently attempting to surmount the resistance level at $2,900. To validate this uptrend and potentially pave the way for further gains, Ethereum must securely close above not only $2,900 but also $2,940 in the upcoming sessions.
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Ethereum is forming a base above the $2,860 support zone.
The price is trading below $2,950 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,905 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if there is a close above the $2,940 and $2,950 resistance levels.
Ethereum Price Eyes Fresh Increase
The price of Ethereum had a tough time surpassing the $3,000 threshold and subsequently dipped once more, similar to Bitcoin‘s trend. Ethereum’s value fell beneath the support levels at $2,950 and $2,940.
As a researcher, I’ve observed that the stock price dipped below the $2,900 mark. However, the bulls showed renewed activity around the $2,860 support level. A new low was established at this price point, and currently, the market is in the process of consolidating losses. The price trend is gradually climbing above the $2,885 resistance level.
The price of Ethereum currently hovers around $2,950 and under its 100-hour moving average. A notable resistance lies at the $2,900 mark. Additionally, a bearish trend line is emerging on Ethereum’s hourly chart against the US Dollar with resistance at $2,905. This trendline is near the 23.6% Fibonacci retracement level derived from the descent of the previous peak at $2,992 to the trough at $2,860.
Breaking above the trend line at an upward angle could potentially push the price up towards the $2,925 mark and the 100-hour Simple Moving Average. The initial significant resistance lies around the $2,940 figure or the 61.8% Fibonacci retracement level from the decline between the $2,992 peak and $2,860 trough.
The price of Ether could encounter its next significant hurdle at $2,950. If this level is breached, the price may gather momentum and advance towards the $3,000 mark. Should the price surge past $3,000, it might encounter resistance at $3,050 before potentially reaching the $3,150 zone.
Another Drop In ETH?
Should Ethereum be unable to surpass the $2,925 resistance point, there’s a possibility of another price drop. A initial floor in its descent can be found around $2,880.
The price may find its initial significant resistance around $2,860. Subsequently, there’s a potential support at approximately $2,810. A notable drop below this support could potentially lead to further declines towards $2,740. Further losses might even push the price down to the nearby support level of $2,650.
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 – $2,860
Major Resistance Level – $2,925
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2024-05-15 07:16