As an experienced analyst, I’ve observed Ethereum’s price action closely and can provide my perspective based on the current chart analysis. The recent decline in Ethereum’s price tested the crucial support zone at $3,580. After a brief recovery, ETH is currently facing resistance near the $3,740 level.
The Ethereum price experienced a significant drop, reaching the $3,580 level as a potential support. Currently, Ethereum is on an upward trend but may encounter obstacles around the $3,740 mark.
- Ethereum started a recovery wave and climbed above the $3,660 resistance.
The price is trading below $3,750 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,740 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh upward move unless there is a close below the $3,640 support.
Ethereum Price Faces Resistance
As a researcher studying the cryptocurrency market, I’ve observed that Ethereum’s price dropped beneath the $3,660 support level, reaching as low as $3,574 before a correction took place. Similar to Bitcoin, Ethereum’s price is now in the process of regaining some losses.
The price surpassed the resistance at $3,650 and $3,660, reaching beyond the 50% Fibonacci retracement mark of the decline from the peak of $3,838 to the low of $3,574. Yet, it failed to secure a closing point above the $3,700 threshold.
Currently, Ethereum’s price hovers around $3,740 mark and under its 100-hour moving average. Should there be further price growth, Ethereum could encounter resistance at approximately $3,700.
As a researcher studying the Ethereum (ETH) market, I’ve identified a significant resistance point for ETH/USD around the $3,740 mark. Additionally, an ominous bearish trend line is forming on the hourly chart, reinforcing this resistance level. The trend line is situated not far from the 61.8% Fibonacci retracement level derived from the downward price movement between the swing high of $3,838 and the low of $3,574.
A surge in Ether’s value beyond the $3,740 barrier could propel it upward. The subsequent significant hurdle lies at $3,800. Overcoming this resistance could provide momentum for further growth towards the $3,840 mark. If the bullish trend manages to push Ether past the $3,840 threshold, the price may continue ascending and approach the $4,000 barrier. Any additional gains might lead Ether to challenge the resistance at $4,080.
Another Decline In ETH?
As a market analyst, I would interpret that if Ethereum is unable to surpass the $3,740 resistance level, there’s a potential for it to continue sliding downwards. A initial floor of support can be found around $3,660. The subsequent significant support lies in the vicinity of the $3,640 region.
As a researcher studying market trends, I’ve identified the $3,580 mark as a significant support level for the asset’s price. A noticeable drop below this point could potentially trigger a downward trend towards $3,500. Should further losses occur, we may see the price heading towards the near-term support at $3,450.
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 zone.
Major Support Level – $3,640
Major Resistance Level – $3,740
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2024-06-10 15:52