As a crypto investor, I’ve noticed that after hitting the $2,920 mark, Ethereum has begun a minor recovery wave. Currently, it’s on an upward trend, but I anticipate potential obstacles ahead around the $3,240 zone.
- Ethereum started a minor recovery wave from the $2,920 zone.
- The price is trading below $3,250 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a fresh increase above the $3,200 resistance level.
Ethereum Price Attempts Recovery
The cost of Ethereum struggled to surpass $3,250 and instead continued to drop, following Bitcoin‘s downward trend. Ethereum’s value dipped below the $3,120 and $3,000 support points. Additionally, there was a break beneath a supportive bullish trend line that had been established at $3,240 on an hourly Ethereum-to-USD chart.
The duo plunged below $2,950, reaching a new low at $2,920. Now, they’re trying to bounce back with an upward trend. They managed to break through the hurdles at $3,000 and $3,050, previously considered resistance levels. Moreover, they surpassed the 50% Fibonacci retracement level of the downtrend from the peak at $3,335 to the low at $2,920.
Nonetheless, the bears seem to be in control as the bearish trend persists below the $3,200 and $3,220 thresholds for Ethereum price, which currently trades lower than both these levels and the 100-hour Simple Moving Average.
On a positive note, it appears that the price might encounter obstacles around the $3,175 mark. This level coincides with the 61.8% Fibonacci retracement point from the price swing high at $3,335 to the low at $2,920. The initial significant resistance could be found near the $3,200 level.
The significant barrier is building around $3,240. If the price manages to surpass this barrier at $3,240, it could potentially push higher towards the next potential obstacle at $3,350. Overcoming the $3,350 barrier may lead to further gains in the imminent trading sessions. Under such circumstances, Ethereum might reach the resistance area of $3,450 or even $3,500 in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to surpass the $3,200 barrier, there might be a renewed drop. A potential initial floor could be found at approximately $3,120. The primary significant support lies around the $3,050 mark.
Dropping below the $3,050 resistance could lead the price to approach the $3,000 support. Further declines may drive it towards the short-term $2,920 support level. The crucial support lies at $2,880 in the immediate future.
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 zone.
Major Support Level – $3,120
Major Resistance Level – $3,240
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2025-01-14 06:41