As a researcher with experience in cryptocurrency markets, I believe that Ethereum price has started a correction from the $3,150 zone after facing resistance. However, ETH is currently holding above the $3,000 support and the 100-hourly Simple Moving Average. The bulls are actively protecting the $3,065 support and the 50% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high.
Ethereum‘s price took a turn for the worse at the $3,150 mark. Despite this setback, Ethereum continues to hold onto its previous gains. It’s possible that Ethereum will initiate another rise from the $3,000 support level.
- Ethereum started a downside correction after the bears defended $3,150.
The price is trading above $3,000 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close below the $3,000 support.
Ethereum Price Holds Ground
The price of Ethereum picked up speed following its establishment above the $3,000 threshold, similar to Bitcoin‘s trend. Ethereum surpassed the $3,050 mark before bears emerged around $3,150. A new peak was reached at $3,144 for the week, and more recently, Ethereum initiated a price correction.
As a researcher studying the Ethereum market trends, I observed a price drop that brought Ether’s value below the 23.6% Fibonacci retracement level of our previous upward trend. The retracement level in question is calculated from the swing low at $2,927 and the high at $3,144.
Ethereum currently surpasses the $3,000 mark and lies above its 100-hour moving average. Bulls are presently defending the $3,065 support level while safeguarding the 50% Fibonacci retracement threshold of the bullish trend that started from the $2,927 low to the $3,144 peak.
As an analyst, I’ve noticed that immediate resistance for Ethereum (ETH/USD) lies around the $3,080 mark on the hourly chart. Additionally, a bearish trend line is forming and intersecting with this resistance level. The first significant resistance, meanwhile, can be found at $3,150. Breaking above this barrier could potentially propel the price upward.
The price of Ether could encounter its next significant hurdle at $3,200. If it manages to surpass this level, the price may pick up momentum and push further towards $3,250. Should the price break through $3,250, it might continue climbing and challenge the resistance at $3,320. Further gains could potentially take Ether to the $3,500 resistance area.
More Losses In ETH?
As a crypto investor, if Ethereum doesn’t manage to surpass the $3,080 resistance and the trendline, there’s a strong possibility that its price will keep declining. The first line of defense on the downside lies around the $3,065 mark.
The price may encounter significant resistance around the $3,000 mark in the upcoming developments. A decisive drop below this support could potentially lead to a downward trend towards $2,980. Further losses might prompt the price to head towards the near-term support at $2,860.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,080
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2024-05-20 04:52