Ethereum Price at $3,000: Can Support Prevent Further Losses?

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As a seasoned crypto investor with years of experience navigating the volatile crypto market, I’ve learned to read trends and anticipate price movements like a seasoned astrologer reads the stars. Looking at Ethereum right now, it seems we’re witnessing a brief correction after a failed attempt to breach the $3,450 zone.

The Ethereum price has begun a decline, dipping below the $3,250 mark. At present, it’s holding steady around $3,000, potentially preparing for another rise.

  • Ethereum started a short-term downside correction below the $3,250 zone.
  • The price is trading above $3,200 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it remains stable above the $3,000 zone.

Ethereum Price Hits Support

The cost of Ethereum didn’t continue rising past $3,450 as expected, instead it began a drop similar to Bitcoin. As a result, Ethereum fell beneath its support levels at $3,320 and $3,250.

The bears managed to drive the price down below the $3,120 region, and it briefly touched the $3,000 support area. A temporary low was established at $3,031, and the market is currently rebalancing after this dip. It’s possible that it may soon encounter the 23.6% Fibonacci retracement level from the rise between the $3,340 peak to the $3,031 trough.

Currently, Ethereum’s value is being traded under $3,200 and it also falls below the 100-hour moving average. However, there appear to be obstacles for its growth around the $3,120 mark.

Approaching the $3,200 mark, we encounter a significant barrier. Additionally, an inclining bearish trend line is emerging, offering resistance at approximately $3,185 on the hourly chart of ETH/USD. Notably, the primary resistance is shaping up around $3,265 or the 76.4% Fibonacci retracement level of the recent downward swing from the $3,340 peak to the $3,031 trough.

If the price surpasses the $3,265 barrier, it may indicate a climb towards the next resistance at $3,320. A breakthrough above this $3,320 hurdle could potentially lead to further increases in the upcoming periods, possibly taking Ether up to the $3,450 resistance area.

More Losses In ETH?

If Ethereum doesn’t manage to surpass the $3,200 barrier, it might keep falling instead. The initial floor for potential declines can be found around $3,040. A more significant support level lies in the vicinity of the $3,000 mark.

Moving below the $3,000 threshold could potentially drive the price down to around $2,950. Further declines may cause the price to target the $2,880 support shortly. In the near future, a significant support level can be found at approximately $2,740.

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 – $3,040

Major Resistance Level – $3,200

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2024-11-15 06:40