Ah, Ethereum, that fickle mistress of the crypto world, once again finds herself in a tussle with destiny. Having flirted with the $3,220 mark, she now languishes below $3,200, as if pondering the futility of it all. The 100-hourly Simple Moving Average mocks her from above, while a bearish trend line looms ominously at $3,250, like a disapproving schoolmaster.
- Ethereum, in a fit of despair, tumbled below $3,150, as if it had suddenly remembered it left the stove on.
- Now, it sulks below $3,200, with the 100-hourly Simple Moving Average wagging its finger in disapproval.
- A bearish trend line, as stubborn as a mule, has set up camp at $3,250, ready to thwart any upward ambitions.
- Should Ethereum fail to breach $3,220, it might just throw in the towel and slide further into the abyss.
Ethereum, ever the drama queen, began its latest descent below $3,250, mimicking Bitcoin’s theatrics. It even dipped below $3,050, as if testing the patience of its loyal bulls. A low of $3,021 was recorded, but like a phoenix (or perhaps a stubborn cockroach), it clawed its way back above $3,120 and $3,150, even surpassing the 23.6% Fib retracement level of its recent downward spiral.
Yet, the bears, ever vigilant, pounced near $3,220, sending Ethereum back into its $3,200 purgatory. The 100-hourly Simple Moving Average continues to gloat, while that pesky bearish trend line at $3,250 remains an unyielding foe.
On the upside, Ethereum faces resistance at $3,150, with the first major hurdle at $3,220. A break above $3,270 could spark a rally toward $3,350, and who knows, maybe even $3,500 if the stars align. But let’s not get ahead of ourselves—this is Ethereum we’re talking about.
If Ethereum fails to conquer $3,220, it could very well tumble back down. Initial support lies at $3,050, with major support at $3,020. A breach of $3,020 could send it spiraling toward $3,000, and if things get really dire, $2,950 or even $2,880. Oh, the humanity!
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone, like a grumpy old man shaking his fist at the sky.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone, as if it’s given up on life.
Major Support Level – $3,050
Major Resistance Level – $3,020
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2025-01-29 06:44