As a seasoned crypto investor with a few years of experience under my belt, I’m keeping a close eye on Ethereum’s price action. The recent recovery wave above the $3,000 zone is a positive sign, as ETH has now moved above the 100-hourly Simple Moving Average and is facing some hurdles at key resistance levels.
Ethereum‘s price has rebounded, surpassing the $3,000 mark. The cryptocurrency currently lies above its 100-hour moving average, encountering obstacles in its path.
- Ethereum found support at $2,820 and started a recovery wave.
The price is trading above $3,100 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,110 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $3,165 resistance zone.
Ethereum Price Holds Ground
The price of Ethereum held steady and rebounded above the $3,000 threshold, similar to Bitcoin‘s trend. Ethereum successfully surpassed the resistance levels at $3,050 and $3,120.
Despite reaching an active zone around the $3,165 resistance, bears managed to push the price down following a peak at $3,168. A slight dip occurred below the $3,150 mark before the price found stability. Currently, it hovers above the 23.6% Fibonacci retracement level derived from the upward trend spanning between the $2,813 swing low and the $3,168 high.
As an analyst, I’ve observed that Ethereum has surpassed the $3,100 mark and lies above its 100-hour Simple Moving Average. Moreover, a significant bullish trend line is shaping up on the hourly chart of ETH/USD, providing support at around $3,110.
As a researcher studying market trends, I’ve identified some key resistance levels for Ether prices. The first noticeable resistance is around $3,165. Beyond that, the first major resistance lies at $3,200. Once surpassing this hurdle, the price may pick up momentum and reach towards $3,350. If the bullish trend continues post $3,350, there’s a potential for further gains leading to the $3,500 resistance area. Any additional progress could push Ether into the $3,620 resistance zone.
Another Decline In ETH?
If Ethereum is unable to surpass the $3,165 resistance, there’s a possibility it may trigger another price drop. The initial support lies around the $3,100 mark and the trendline. The first significant support can be found either in the $3,000 vicinity or at the 50% Fibonacci retracement level of the price rally from $2,813 to $3,168.
The price is currently holding steady around $2,940, acting as significant support. A drop below this level could potentially lead the price down to $2,820. Further losses might cause the price to slide towards $2,650 in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,165
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2024-05-06 07:52