As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. Looking at Ethereum right now, it appears to be consolidating around the $3,060 support level, which is not an unfamiliar sight for those who have been in this space for a while.
The Ethereum price found it challenging to build upon its advance beyond the $3,220 barrier. Gradually, Ethereum has been drifting downwards and seems to be nearing the $3,060 support level.
- Ethereum is consolidating and facing hurdles near $3,200.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $3,120 resistance zone.
Ethereum Price Dips Again
The cost of Ethereum briefly surged towards $3,220 but couldn’t sustain the increase compared to Bitcoin. Later, Ethereum dropped below its support levels at $3,150 and $3,120, indicating a new downward trend.
As a crypto investor, I noticed a dip below the $3,100 mark and the price momentarily touched $3,070. A new low was established at $3,069, and currently, the market seems to be stabilizing in a consolidation phase. Interestingly, it also tested the 23.6% Fibonacci retracement level derived from the recent downtrend that took us from the $3,224 peak to the $3,069 trough.
Currently, the Ethereum price is dipping below the $3,120 mark and under the 100-hour Simple Moving Average. Yet, a potential bullish trend line is shaping up on the hourly chart of ETH/USD, offering support at around $3,070.
On a positive note, it appears the price might be encountering obstacles around $3,120. The first significant barrier could be at roughly $3,150, which also represents the halfway point of the recent drop from the peak of $3,224 to the trough of $3,069. The primary resistance, however, is shaping up around $3,220.
If Ether manages to surpass the $3,220 barrier, it may push prices higher towards the potential resistance at $3,500 in the upcoming periods. Should it successfully break through the $3,350 resistance, further growth could be anticipated.
More Losses In ETH?
Should Ethereum struggle to surpass the $3,150 barrier, a potential drop might ensue. A possible floor for this decline could be around $3,060 or the trendline. The primary substantial support lies roughly in the $3,000 region.
Moving below the $3,000 mark could potentially cause the price to drop towards $2,880. Further declines may lead to a fall towards the nearby support at $2,740. The critical level of support is currently 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 zone.
Major Support Level – $3,060
Major Resistance Level – $3,150
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2024-11-20 06:40