Ethereum‘s price is currently holding steady around the $3,000 mark. If Ethereum manages to surpass the resistance at $3,100 and $3,200, a significant rebound may ensue.
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Ethereum is struggling to recover above the $3,100 resistance zone.
The price is trading below $3,120 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another decline if it stays below the $3,100 resistance zone.
Ethereum Price Holds Ground
The price of Ethereum gradually decreased after it was unable to surpass the $3,200 resistance mark. Subsequently, Ethereum continued to trade in a bearish market beneath $3,100 and exhibited negative indicators similar to Bitcoin.
In recent developments, bears managed to drive Ethereum’s price under the $3,000 mark, which previously served as a support level. On the other hand, bulls displayed noticeable activity around the 50% Fibonacci retracement level during the upward trend from $2,535 to $3,279. Currently, Ethereum is trading beneath $3,120 and falls short of the 100-hour Simple Moving Average.
Near the $3,030 mark, there’s strong opposition to further price increase for Ethereum against the US Dollar. Additionally, a bearish trend line emerges on the hourly ETH/USD chart, with resistance at $3,035. The first significant barrier to advancement lies at approximately $3,100 and intersects with the 100-hour Simple Moving Average.
An upcoming significant barrier to surmount lies at $3,200, beyond which the price may escalate towards $3,280. Overcoming $3,280 could propel the price upwards to challenge the $3,500 mark. If Ethereum manages to breach the $3,500 threshold, it could potentially reach as high as $3,650 in the near future.
More Losses In ETH?
Should Ethereum be unable to surpass the $3,100 barrier, there’s a risk it may initiate another drop. A preliminary floor lies at around $3,000. The primary support can be found in the vicinity of $2,900.
The potential resistance for the price could be around $2,820 or the 61.8% Fibonacci retracement point of the rally from $2,535 to $3,279. A decisive break below $2,820 may lead to a drop towards $2,600. Further declines could push the price down to the nearby support at $2,550.
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 – $2,900
Major Resistance Level – $3,100
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2024-04-18 07:16