Ethereum‘s price at the current moment encounters several obstacles around the $3,200 mark. If Ethereum fails to surpass this level and also the resistance at $3,280, it may initiate a significant drop once again.
- Ethereum is struggling to recover above the $3,200 resistance zone.
The price is trading below $3,200 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another decline if there is a close below the $2,900 support zone.
Ethereum Price Consolidates
The price of Ethereum rallied and surpassed the $3,000 resistance, reaching as high as $3,200. Yet, Ethereum encountered resistance at $3,280, causing bears to re-emerge and limit its upward progression.
At a price of $3,278, Ethereum reached a peak, but then its value decreased, mimicking Bitcoin‘s behavior. It fell beneath the 23.6% Fibonacci retracement mark of the price surge from the $2,536 trough to the $3,278 summit. Currently, Ethereum is being traded below $3,200 and also under its 100-hour Simple Moving Average.
Close by, Ethereum’s price encounters significant resistance around $3,100. Moreover, an ominous downtrend line appears on the hourly ETH/USD chart, with resistance at $3,120. The initial substantial resistance lies at $3,200 and intersects with the 100-hour SMA.
The price of Ether may encounter its next significant obstacle at $3,280. Should it manage to surmount this hurdle, the price could potentially trend upwards towards $3,350. However, a more substantial barrier lies at $3,500, clearing which could fuel a bullish run for Ether, possibly pushing the price toward the $3,620 mark or even further to $3,750.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,200 barrier, there’s a possibility of another price drop. A floor in its value lies around $3,000.
An initial significant level of resistance lies around $2,900 or the 50% Fibonacci retracement mark in the upward trend from $2,536 to $3,278. The next notable support may be at $2,710. If the price drops below this support, it could lead to a decline towards $2,650. Further losses might push the price down to the $2,550 area.
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 – $2,900
Major Resistance Level – $3,200
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2024-04-17 07:16