Ethereum Price Slips: Slow Descent as Market Pressure Mounts

As a researcher with a background in cryptocurrency analysis, I’ve been closely monitoring the Ethereum price action. Based on my observations and technical analysis, it appears that Ethereum has taken a hit, and the price is currently showing bearish signs. The failure to recover above the $3,650 resistance level indicates strong selling pressure, and the price has declined below key support levels such as $3,550 and the 100-hourly Simple Moving Average. A bearish trend line is also forming with resistance near $3,650 on the hourly chart of ETH/USD. If Ethereum stays below this resistance level, we could see further losses for the digital asset. The first major support is at $3,475, and the next major support is near the $3,430 zone. Technical indicators such as the MACD and RSI also suggest bearish momentum in Ethereum’s price action. Overall, these signs indicate a potential for another decline in Ethereum prices.

The Ethereum price was unable to surpass the $3,650 mark for recovery, instead falling back below the $3,550 support. Currently, Ethereum exhibits bearish tendencies as it hovers below the $3,600 threshold.

    Ethereum started a fresh decline below the $3,550 support zone.
    The price is trading below $3,550 and the 100-hourly Simple Moving Average.
    There is a key bearish trend line forming with resistance near $3,650 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could extend losses if it stays below the $3,650 resistance zone.

Ethereum Price Takes Hit

The Ethereum price made an effort to bounce back, but it lacked the necessary push from buyers. Ethereum fell short of breaking through the resistance at $3,650 and instead initiated another drop. The value of ETH continued to slip steadily below the $3,600 mark.

The cost dipped beneath the $3,550 mark, which functions as a support level for Ethereum. A new low was established around $3,430, and currently, Ethereum’s price action is characterized by consolidation following these losses. At present, Ethereum trades below both the $3,550 benchmark and its 100-hour Simple Moving Average.

Above the $3,480 mark, a slight adjustment occurred. The value surpassed the 23.6% Fibonacci retracement threshold of the decline from the $3,710 peak to the $3,430 trough. Should there be further increases, potential resistance may emerge around the $3,550 point.

Near the $3,570 mark, the first significant obstacle arises. This level is around the 50% mark of the fibonacci retracement chart, which indicates potential resistance following the price drop from the peak of $3,710 to the trough of $3,430.

As a researcher studying the hourly chart of ETH/USD, I’ve noticed a significant bearish trend line forming with a resistance level around $3,650. Breaking above this resistance could potentially propel the price upward. The next notable resistance lies at $3,720, surmounting which may provide the price the necessary momentum to advance towards the $3,820 mark.

Ethereum Price Slips: Slow Descent as Market Pressure Mounts

As a researcher studying the price movements of Ether, I would interpret a decisive break above the current resistance at $3,820 as a strong indication for a challenge of the next resistance level at $3,920. If Ether continues to gain value beyond this point, we could potentially see it reaching towards the resistance zone around $4,000.

Another Decline In ETH?

As a researcher analyzing Ethereum’s price movements, if it fails to surpass the $3,550 resistance level, there’s a possibility of further downward pressure. The initial support for potential declines can be found around $3,475. A more substantial support lies in the vicinity of the $3,430 area.

As a crypto investor, if the price of my digital asset clearly drops below the $3,430 support level, I’d expect it to continue heading downward towards $3,320. Should the downtrend persist with more losses, I would brace myself for the potential reach of the near-term low at $3,250.

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 zone.

Major Support Level – $3,430

Major Resistance Level – $3,550

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2024-06-12 06:40