The Ethereum price dropped more than 10% and reached a low point around $2,550. However, it has since bounced back and surpassed the $3,000 mark. Now, Ethereum is encountering several challenges as it hovers around $3,200.
- Ethereum is attempting a recovery wave from the $2,550 support zone.
The price is trading below $3,250 and the 100-hourly Simple Moving Average.
There is a rising channel forming with resistance at $3,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it stays above the $3,000 support zone.
Ethereum Price Eyes Recovery Wave
The price of Ethereum took a significant dip from its resistance at $3,550, causing it to drop more than 10% and fall beneath the $3,000 support level. The downward trend continued, pushing ETH even lower to test levels below $2,750, specifically around $2,550.
Near $2,537, a trough developed and the price is currently making an effort to bounce back, much like Bitcoin. It has successfully broken through the barriers at $2,800 and $3,000. Additionally, it has gone beyond the 50% Fibonacci retracement level of the decline from the peak of $3,615 to the bottom of $2,537.
The price of Ethereum currently hovers around $3,250 mark and below its 100-hour Simple Moving Average. Further resistance can be found near $3,200 or the 61.8% Fibonacci retracement level, which represents a significant pullback from the peak of $3,615 to the low of $2,537. Additionally, an ascending trendline is shaping up on Ethereum’s hourly chart against the US dollar, with resistance at $3,200.
The first major resistance is near the $3,250 level. The next key resistance sits at $3,300, above which the price might test the $3,360 level. The key hurdle could be $3,500, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,620 zone. If there is a move above the $3,620 resistance, Ethereum could even rise toward the $3,750 resistance.
Another Decline In ETH?
If Ethereum is unable to surpass the $3,250 threshold, there’s a risk of another price drop. The minimum support for Ethereum lies around $3,080.
Support levels of note include the $3,000 region as the initial significant one. The $2,880 area could be the next noteworthy support. If the price breaks below the $2,880 mark, it may slide towards $2,750. Further declines could potentially push the price down to the $2,550 region.
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 above the 50 level.
Major Support Level – $3,000
Major Resistance Level – $3,250
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2024-04-15 07:34