As a researcher with experience in analyzing cryptocurrency markets, I’ve closely monitored Ethereum’s price action and observe that it has started another decline, dipping below the $3,000 mark. Based on current trends, Ethereum must maintain support at the $2,800 and $2,850 levels to avoid further drops.
Ethereum‘s price has taken a downturn once again, dipping beneath the $3,000 mark. For Ethereum to prevent a significant fall, it is crucial that it holds its ground above the $2,800 and $2,850 support thresholds.
- Ethereum started another decline and tested the $2,900 zone.
The price is trading below $3,120 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it settles below the $2,850 support.
Ethereum Price Dives Again
The price of Ethereum had a hard time advancing beyond the $3,250 mark and instead took a downturn, similar to Bitcoin. At this point, Ethereum’s value fell beneath $3,120. Even more bearish forces managed to drive the price below the $3,000 threshold.
At a price of $2,916, a low point was reached and since then, the market has been consolidating. There was a slight uptick above the $3,000 threshold. The price approached the 23.6% Fibonacci retracement level derived from the price drop between the $3,356 peak and the $2,916 bottom. Nevertheless, bears showed significant activity close to the $3,000 and $3,020 markers.
Currently, Ethereum’s price hovers around the $3,120 mark and under its 100-hour moving average. Immediate hurdles for upside lie at $3,020. The primary resistance, meanwhile, is located at both $3,120 and the aforementioned moving average.
As a researcher studying the Ethereum (ETH) market, I’ve noticed an emerging bearish trendline on the hourly chart of ETH/USD. This line offers resistance at the $3,120 mark. Notably, this trendline is situated in proximity to the 50% Fibonacci retracement level of the price correction from the peak of $3,356 to the trough of $2,916.
As a researcher studying the price movements of Ethereum, I’ve identified the next significant resistance level at $3,185. Overcoming this hurdle could provide the necessary momentum for the price to advance towards $3,250. A successful break above $3,250 might propel Ethereum further upwards, targeting the $3,350 resistance. If Ethereum manages to surmount this level, it could potentially challenge the $3,500 resistance. Any additional gains beyond that could push Ether towards the $3,620 resistance zone.
More Downsides In ETH?
Should Ethereum be unable to surpass the $3,120 resistance, it may proceed in descending direction. A preliminary floor lies around $2,940, with the trendline serving as additional support. The primary support is located at approximately $2,850.
As an analyst, I’d interpret the current market situation as follows: The price is currently holding up around $2,800, acting as a significant support level. A decisive break below this level could lead to further losses, potentially pushing the price down to $2,650. Should the selling pressure continue beyond that point, we might see the price testing the next support at $2,540 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 – $2,940
Major Resistance Level – $3,120
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2024-05-01 07:16