As an experienced analyst, I believe that Ethereum’s price action is showing signs of weakness and consolidation near the $3,200 level. The repeated failure to break above key resistance levels and the formation of a short-term rising channel suggest that the downside pressure is still present.
As a researcher studying Ethereum‘s price movements, I have observed that Ethereum’s attempts to rise above the $3,350 mark have been unsuccessful, leading to a correction in its gains. Currently, Ethereum is hovering around the $3,200 level and encountering numerous obstacles in its path to recovery.
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Ethereum started another decline and tested the $3,120 zone.
The price is trading below $3,220 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with support at $3,170 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below the $3,170 support.
Ethereum Price Faces Uphill Task
The Ethereum price was unable to surpass the $3,250 mark and instead slid downward, much like Bitcoin did. The ETH value dropped below $3,200, reaching a low of $3,113. Currently, the price is stabilizing in this range.
As a crypto investor, I’ve noticed a slight upward tick in price, surpassing the $3,200 mark. This breakthrough also signified a breach of the 23.6% Fibonacci retracement level following our recent decline from the peak at $3,355 to the low point of $3,113. Nevertheless, bears have shown their presence near the $3,240 and $3,250 thresholds.
The 50% Fibonacci retracement mark of the recent drop from Ethereum’s $3,355 peak to its $3,113 low served as a significant barrier. Subsequently, there was a new slide beneath the $3,200 threshold. Currently, Ethereum trades below $3,200 and falls short of the 100-hour Simple Moving Average.
On the hourly chart of Ethereum against the US Dollar, a brief uptrend channel is taking shape with a base at $3,170. Nearby resistance can be found around $3,200 and the 100-hour SMA.
The first major resistance is near the $3,240 level. The next key resistance sits at $3,300, above which the price might gain traction and rise toward the $3,350 level. A close above the $3,350 resistance could send the price toward the $3,450 resistance. If there is a move above the $3,450 resistance, Ethereum could even test the $3,550 resistance. Any more gains could send Ether toward the $3,620 resistance zone.
More Downsides In ETH?
Should Ethereum be unable to surpass the $3,250 resistance mark, it may proceed in descending motion. A preliminary floor for this decline lies around the $3,170 mark and within the channel’s boundaries. The primary support area is situated near the $3,120 zone.
If the price holds around $3,070 as a major support, a significant drop beneath this point could potentially lead to further declines towards $3,030. Continued losses might even cause the price to approach the nearby resistance at $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,170
Major Resistance Level – $3,250
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2024-04-30 07:16