As a seasoned researcher with extensive experience in analyzing cryptocurrency markets, I have closely monitored Ethereum’s price action and identified some key trends that may impact its future trajectory.
As a market analyst, I’ve observed that Ethereum‘s price has continued to decline, dipping below the $3,080 support level. However, signs of recovery are emerging, and Ethereum may now be targeting a challenge of the $3,350 resistance zone.
- Ethereum tested $3,080 and started a recovery wave.
The price is trading below $3,350 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it stays above the $3,180 support zone.
Ethereum Price Recovers above $3,200
The cost of Ethereum continued to drop beneath the $3,250 mark, hitting a new low at $3,087. ETH dipped below $3,150 and probed the support level at $3,080. Currently, Ethereum’s price is on an uptrend but seems to lack the robust momentum exhibited by Bitcoin.
The price of Ethereum (ETH) surpassed the $3,200 mark, overcoming the previous resistance. It also exceeded the 23.6% Fibonacci retracement level following the downward trend from the $3,500 peak to the $3,087 trough on the hourly ETH/USD chart. Furthermore, there was a significant breach above a bearing trendline with a resistance at $3,220.
Ethereum’s current price is under $3,350 and lagging behind its 100-hour moving average. Should the market trend upward further, the $3,300 mark could potentially act as a barrier for continued growth.
As a researcher analyzing Ether’s price movement, I’ve identified the first significant barrier around the $3,350 mark. This level aligns with the 100-hour Simple Moving Average and the 61.8% Fibonacci retracement level from the $3,500 swing high to the $3,087 low. The next notable challenge lies around the $3,400 mark. Clearing this hurdle could potentially push Ether back toward the $3,500 resistance.
If we reach the next significant resistance point around $3,550 in the future, surpassing this hurdle could potentially propel the price upward towards the $3,720 resistance area within the ensuing period.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,300 resistance level, there’s a risk of another price drop. The initial floor for Ether can be found around $3,185. The first substantial support lies in the vicinity of $3,120.
If the price falls significantly below the $3,120 mark of support, it could potentially lead to a drop down to $3,080. Should losses continue, the price may head towards the nearby support level at $3,020. The next significant support lies at $2,950.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,185
Major Resistance Level – $3,350
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2024-07-26 06:42