As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. Looking at Ethereum’s current price action, it seems we are witnessing another phase of the latter. The struggle below $3,150 is a clear indication that Ether might be headed for further losses, potentially dipping below the $3,000 support zone.
The Ethereum price has once more dipped beneath the $3,150 mark, indicating a potential downward trend. Ethereum appears to be experiencing difficulties and may fall even lower, potentially breaching the $3,000 support level.
- Ethereum is slowly moving lower below the $3,150 zone.
- The price is trading below $3,100 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if there is a close below the $3,000 support zone.
Ethereum Price Struggle Continues
As a researcher, I observed that the Ethereum price made an attempt to surge past the $3,200 barrier, similar to Bitcoin, but unfortunately, it didn’t sustain this upward momentum. Consequently, ETH initiated a new downtrend, dipping below the $3,150 and $3,120 support thresholds.
As a researcher, I noticed that the price dipped slightly below the $3,080 mark and touched $3,040. A new low was established at $3,033, and currently, the price appears to be stabilizing during consolidation. Interestingly, it has also tested the 23.6% Fibonacci retracement level derived from the recent plunge starting from the peak at $3,225 down to the trough at $3,033.
Currently, Ethereum’s price is lower than $3,000 and also beneath its 100-hour moving average. On the positive side, it appears that Ethereum’s price encounters obstacles around the $3,080 mark when attempting to rise.
Approaching resistance can be found around $3,120 or the 50% Fibonacci retracement point from the price range between the $3,225 peak and the $3,033 trough. The primary resistance is currently taking shape at approximately $3,180. A decisive break above this $3,180 barrier could potentially push the price up to encounter the next resistance at $3,220.
If Ether manages to surge past the $3,220 barrier, it might indicate further increases in the upcoming trading periods, potentially pushing the price up towards the $3,450 resistance level.
More Losses In ETH?
Should Ethereum not surpass the $3,100 barrier, a potential drop might ensue. A preliminary floor could be found around $3,030. The primary significant support lies in the vicinity of the $3,000 region.
Moving beneath the $3,000 threshold could potentially drive the price down to approximately $2,920. If further declines occur, the price might trend towards the nearby $2,880 support. In the short term, a crucial support lies at around $2,740.
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 zone.
Major Support Level – $3,030
Major Resistance Level – $3,100
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2024-11-21 06:40