Ethereum’s Price Drama: Will It Ever Get It Together? 🤔

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So, Ethereum, huh? It just can’t seem to get its act together. I mean, come on! It tried to break above $3,350, but nope, it dipped like a bad punchline. Now it’s correcting losses, which is just a fancy way of saying, “I’m still not doing great.” And guess what? It might hit a wall at around $3,220. Classic! 🙄

  • Ethereum kicked off a fresh decline below the $3,220 resistance zone. You know, just for fun.
  • It’s trading below $3,200 and the 100-hourly Simple Moving Average. What a surprise!
  • There’s a key bearish trend line forming with resistance at $3,270. Because why not add more obstacles?
  • If it stays below $3,300, we might as well start planning the funeral. 🎉

Ethereum Price Dips Further

So, Ethereum decided to take a nosedive below $3,320 and $3,220, just like Bitcoin. It even dipped below $3,050 before the bulls showed up, probably wondering what the heck is going on.

It hit a low of $3,021, and now it’s trying to correct its losses. It managed to crawl above $3,050 and $3,120, but let’s be real, it’s like watching a toddler learn to walk. The price did surpass the 23.6% Fib retracement level, which sounds impressive until you realize it’s still below $3,220 and the 100-hourly Simple Moving Average. 🙃

On the upside, it’s facing hurdles near the $3,220 level, or the 50% Fib retracement level. You know, just more things to trip over.

The first major resistance is at $3,250. There’s also that pesky bearish trend line at $3,270. And the main resistance? Oh, just a casual $3,300. No big deal.

If it somehow manages to break above $3,300, it might just flirt with $3,350. And if it really gets its act together, we could see it rise to $3,420 or even $3,500. But let’s not hold our breath, shall we? 😅

Another Decline In ETH?

If Ethereum can’t clear that $3,220 resistance, we might be looking at another decline. Initial support is at $3,120, and the first major support is at $3,050. Just a friendly reminder that things could get worse!

If it drops below $3,050, we might as well start preparing for a trip to $3,020. And if it keeps losing steam, we could be staring down the barrel of $3,000. The next key support? Oh, just a casual $2,950. No pressure!

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Shocking!

Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Wow, what a revelation!

Major Support Level – $3,120

Major Resistance Level – $3,220

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2025-01-28 06:24