Ethereum Price Uptrend To Restart? These Could Be Hurdles To Watch

The cost of Ethereum dropped below the $3,320 mark, a level previously acting as support. At present, Ethereum is resting and could potentially initiate a new rise once it surmounts $3,320.

    Ethereum remained in a bearish zone and traded below the $3,320 support zone.
    The price is trading below $3,400 and the 100-hourly Simple Moving Average.
    There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could gain bullish momentum if it settles above the $3,320 resistance zone.

Ethereum Price Faces Resistance

The price of Ethereum stayed low on the hourly chart, hovering below the $3,500 threshold. Ethereum continued to drop, falling beneath the $3,320 mark, similar to Bitcoin‘s trend.

The price dipped as low as $3,215, and now aims to rebound. It briefly rose above the $3,250 mark. The 23.6% Fibonacci retracement level of the decline from the peak of $3,655 down to $3,215 was reached for testing.

The price of Ethereum currently hovers around $3,400 on the market, under both its 100-hour moving average and the current trading price. The next level of resistance can be found near $3,320. Moreover, a significant bearish trend line is emerging on the hourly chart of Ethereum against the US Dollar, with this level acting as a potential resistance point for ETH/USD.

The price is expected to encounter significant resistance at around $3,350 for the first time. After that, the next notable barrier is at $3,440 or the halfway point of the price drop from the peak of $3,655 to the trough of $3,215. If the price breaks through this resistance, it could potentially revisit $3,500.

Ethereum Price Uptrend To Restart? These Could Be Hurdles To Watch

The Ether price may encounter its next significant barrier around $3,550. Should it surmount this obstacle, Ethereum could witness a surge in value, potentially reaching the $3,680 mark. If Ethereum manages to break through the $3,680 resistance level, further gains could lead us to the $3,780 threshold. Beyond that, the price might be put to the test at $3,850.

Another Rejection In ETH?

If Ethereum is unable to surpass the $3,320 barrier, there’s a possibility it may head lower instead. A potential floor for Ethereum in this scenario lies around the $3,250 mark.

The price may find significant resistance around the $3,220 mark as a first line of defense. If it falls further, the $3,120 area could be the next point where it finds support. A decisive break below this level might lead to a drop towards $3,040. Further declines could potentially push the price down to the $3,000 mark.

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 level.

Major Support Level – $3,220

Major Resistance Level – $3,320

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2024-04-03 06:58