The cost of Ethereum remains stable around the $3,000 mark for now. If the bulls manage to surpass the $3,100 resistance, Ethereum may begin a sustained upward trend.
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Ethereum is still struggling to recover above the $3,100 resistance zone.
The price is trading below $3,100 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate lower if there is a close below the $2,850 support zone.
Ethereum Price Consolidates
The cost of Ethereum tried to bounce back and stayed above the $3,000 mark once more. Yet, the sellers held strong at the $3,100 barrier, much like Bitcoin did.
The price dipped below $3,000 again, reaching a new low at $2,867. It also fell below the $2,900 support level and formed a low point. Currently, the price is rebounding and has surpassed the 23.6% Fibonacci retracement mark of the downward trend from the peak of $3,278 to the low of $2,867.
The price of Ethereum remains under $3,100 and below its 100-hour moving average. The next hurdle for Ethereum in its upward journey is around $3,020. A more significant resistance lies at $3,070 and the same moving average mark.
On the hourly chart of ETH/USD, a bearish trend line is emerging with a resistance level at $3,070. This trend line is not far from the 50% Fibonacci retracement mark of the price decline from the peak of $3,278 to the low of $2,867. The upcoming major resistance lies at $3,120, surpassing which could potentially push the price up towards $3,200.
An important barrier to Ethereum’s downtrend lies at $3,280. Breaking through this level might push the price upwards towards the pivotal point of $3,350. If Ethereum manages to surpass $3,350, it may continue its ascent and reach the resistance at $3,550.
More Losses In ETH?
Should Ethereum be unable to surpass the $3,100 resistance, there’s a risk of another price drop. A preliminary support lies around $2,920. The primary support can be found close to the $2,850 region.
Dropping below the $2,850 mark as a definite sign of weakness could potentially push the price down to around $2,620. Further declines may cause the price to head towards the $2,550 level in the short term.
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 level.
Major Support Level – $2,850
Major Resistance Level – $3,100
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2024-04-19 10:08