In the dusty corners of the digital marketplace, Ethereum, that fickle beast, found itself struggling to rise above the lofty heights of $3,420. Alas, it dipped, like a weary traveler, now limping toward the $3,150 mark, pondering if it can muster the strength for a fresh ascent.
- Ethereum, in its dramatic fashion, began a fresh descent from the $3,420 resistance zone, as if it were a character in a tragic play.
- Trading below $3,250, it seems to have lost its way, far from the comforting embrace of the 100-hourly Simple Moving Average.
- Oh, the drama! A break below a key contracting triangle with support at $3,320 on the hourly chart of ETH/USD (thanks, Kraken, for the gossip).
- Yet, there is hope! If it clings to the $3,150 support level, perhaps it can rise again like a phoenix from the ashes.
Ethereum Price Breaks Support
Once upon a time, Ethereum embarked on a noble upward journey from the $3,280 level, reminiscent of Bitcoin‘s own heroic tales. It bravely surpassed the $3,320 and $3,350 resistance levels, only to be met with the harsh reality of a high at $3,427, followed by a swift correction.
As it fell below the $3,320 and $3,220 support levels, one could almost hear the collective gasp of its followers. A low was formed at $3,161, and now it finds itself consolidating losses, trading below $3,250, far from the 100-hourly Simple Moving Average. The price faces hurdles near the $3,220 level, like a weary soldier facing a daunting hill.
The first major resistance looms near the $3,250 level, while the main resistance is forming near $3,300, a formidable foe in this ongoing saga.
Should it manage to break above the $3,300 resistance, it might just find itself on a path toward the $3,350 resistance. And if it dares to breach the $3,350 barrier, who knows? Ether could soar toward the $3,420 resistance zone or even touch the elusive $3,500 in the near future.
More Losses In ETH?
But beware! If Ethereum cannot conquer the $3,250 resistance, it may spiral into another decline. The initial support on this treacherous journey is near the $3,150 level, with the first major support lurking at $3,120.
A clear move below the $3,120 support might send it tumbling toward the $3,050 support. And if the losses continue, it could plummet to the $3,020 support level, with the next key support sitting ominously at $3,000.
Technical Indicators
Hourly MACD – Gaining momentum in the bearish zone, like a storm brewing on the horizon.
Hourly RSI – Now below the 50 zone, a sign of trouble ahead.
Major Support Level – $3,150
Major Resistance Level – $3,250
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2025-01-27 07:20