Ethereum has been facing challenges in clearing the $3,400 zone and has experienced a correction in its gains. Despite this, ETH is holding steady near $3,280 and there is a possibility of another increase in the near term. The price correction began after reaching the $3,400 resistance level, currently trading near $3,280 along with the 100-hourly Simple Moving Average. Additionally, a key bullish trend line is forming with support at $3,280 on the hourly chart of ETH/USD.
Following an increase above the $3,250 zone, Ethereum managed to surpass the $3,350 resistance level and reached the $3,400 mark. However, a downside correction followed from the $3,395 high, leading to a decline below the $3,350 support zone. The price also dropped below the 50% Fib retracement level, currently trading near $3,280 and the 100-hourly Simple Moving Average.
In case of a fresh increase, ETH might encounter resistance near the $3,350 and $3,400 levels. A break above the $3,440 level could potentially propel Ether towards the $3,500 resistance, with the next key resistance at $3,550. However, failure to clear the $3,350 resistance level could result in a continued downward movement. Initial support stands near $3,280, while the major support is at the $3,250 zone and the trend line. A clear break below $3,250 might lead to a further decline towards $3,180 and potentially the $3,120 support level.
The Hourly MACD for ETH/USD indicates a loss of momentum in the bullish zone, while the Hourly RSI is now below the 50 zone. These technical indicators showcase a certain level of uncertainty regarding the future price movements of Ethereum.
Overall, Ethereum is in a crucial phase where it needs to overcome key resistance levels in order to maintain an upward trend. The current price analysis, along with technical indicators, provides valuable insights for investors and traders looking to understand the potential future of Ethereum in the cryptocurrency market.
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