As a seasoned crypto investor with experience in following Ethereum’s price movements closely, I have observed that the recent correction in ETH prices was expected. Ethereum reached resistance near $3,220 and faced selling pressure due to profit-taking and bears entering the market. The price declined below key support levels such as $3,120 and $3,080, even testing the significant $3,000 level.
As an analyst, I’d interpret the Ethereum price action as a correction of the recent gains at the $3,220 resistance. For Ethereum to initiate a new upward trend, it must surmount the resistance levels at $3,055 and $3,080.
- Ethereum started a fresh decline after it faced resistance near $3,220.
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 $3,055 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $3,000 support to start another increase toward $3,220.
Ethereum Price Revisits $3K
The cost of Ethereum encountered opposition at the $3,220 mark and initiated a drop, similar to Bitcoin‘s trend. Ethereum subsequently fell beneath the price points of $3,120 and $3,080. It even approached the $3,000 support level.
At a price of $3,005, a low point was reached and now Ethereum is working to narrow its losses. The cryptocurrency currently hovers below $3,100 and falls short of the 100-hour Simple Moving Average. A potential resistance lies at the $3,050 mark or the 23.6% Fibonacci retracement level following the recent price decline from the $3,217 peak to $3,005 trough.
As an analyst, I’ve noticed a significant bearish trend line emerging on the hourly chart of Ethereum (ETH) against the US Dollar (USD). This trend line offers resistance at $3,055. The first notable resistance level lies around $3,080 or precisely at the 100-hour Simple Moving Average.
The upcoming significant barrier for Ethereum price lies around $3,120 or at the 61.8% Fibonacci retracement mark of its recent slide from $3,217 peak to $3,055 trough. Clearing this hurdle could potentially give way for a continued climb towards $3,200. If Ethereum manages to surpass the $3,200 mark, it may push further and encounter resistance at $3,350. Further advances could then bring Ether close to the $3,500 resistance area.
More Losses In ETH?
Should Ethereum be unable to surpass the $3,055 mark, there’s a risk of another price drop. A preliminary floor can be found around $3,000. The primary support lies in the vicinity of $2,950.
Should the price fail to hold above the $2,920 mark, a notable drop could ensue, potentially taking the price down to around $2,840. Further declines may lead the price to test the $2,720 threshold in the imminent future.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish 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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2024-05-08 07:34