Ethereum has recently experienced a recovery wave after finding support at $2,820. The price is currently facing a major hurdle near the 100-hourly simple moving average. Despite the positive movement, Ethereum is still trading below $3,050 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $3,000 on the hourly chart of ETH/USD, indicating a potential upward momentum. However, the pair could start a fresh decline if it fails to clear the $3,050 resistance level.
Ethereum price extended losses below the $3,000 level and tested the $2,820 support zone. A low of $2,813 was formed before the price started a recovery wave. The recent movement saw a decent break above the $2,880 and $2,950 resistance levels. Additionally, the price cleared the 23.6% Fib retracement level of the downward move from the $3,355 swing high to the $2,813 low. Despite these positive signs, the bears are still active near the 100-hourly Simple Moving Average, indicating potential selling pressure.
Ethereum is currently trading below $3,030 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,030 level, with the first major resistance at $3,050. Further resistance levels include $3,085 and $3,150, with a potential drift towards $3,250 and the $3,350 resistance zone if the bulls remain in control. On the downside, initial support is near the $2,940 level, followed by the $2,880 zone and the main support at $2,820. A clear move below the $2,820 support could signal a downward trend towards $2,740, and potentially $2,650 in the near term.
The hourly MACD for ETH/USD is losing momentum in the bearish zone, indicating a potential shift in the market sentiment. The hourly RSI for ETH/USD is now above the 50 level, signifying a more positive outlook. Traders and investors are advised to conduct their own research before making any investment decisions, as investing in cryptocurrencies carries inherent risks. Any information provided on this topic should be used at one’s own discretion and risk.
Ethereum price movement is currently at a critical juncture, with key resistance and support levels determining its future direction. While there are positive signs of a recovery wave, the presence of selling pressure near the 100-hourly Simple Moving Average suggests a cautious approach. Investors should closely monitor the price action and technical indicators to make informed decisions in the volatile cryptocurrency market.
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