Ethereum recently experienced a spike in price which took it above the $3,000 resistance level. However, the bears quickly appeared, causing a correction in the price. It is currently trading above $2,900 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance at $2,950, indicating a struggle for the bulls to maintain momentum.
After reaching a multi-week high near $3,032, Ethereum underwent a downside correction. The price dipped below $3,000 and $2,950 levels but found support near $2,865. The bulls are now active above this support level. The price has attempted a fresh increase and is trading above $2,900. The immediate resistance on the upside is near $2,950, followed by $2,975 and $3,000 resistance levels.
If Ethereum manages to break above the $3,000 resistance, it could rally towards the $3,065 and $3,185 resistance zones. Further gains may push the price towards $3,220. On the other hand, a failure to clear the $2,975 resistance could lead to another downside correction. The initial support is near $2,900 and the 100-hourly Simple Moving Average, followed by the $2,865 and $2,820 levels. A break below $2,820 could send the price towards $2,740 and $2,720 in the coming sessions.
The Hourly MACD for ETH/USD is losing momentum in the bullish zone, indicating a potential shift in trend. The Hourly RSI is hovering around the 50 level, showing a balance between buying and selling pressure. The major support level is at $2,900, while the major resistance level is at $2,975.
It is crucial to note that the analysis provided in this article is for educational purposes only and does not reflect the opinions of NewsBTC. Investing in cryptocurrencies carries risks, and it is advisable to conduct thorough research before making any investment decisions. Use the information provided at your own discretion and risk.
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