The Ethereum price has been struggling to break above the $3,250 zone, remaining in a bearish trend. Recently, ETH dropped below the critical $3,000 support level and tested lows near $2,850. This downward movement indicates a lack of buying interest in the market.
Looking at the hourly chart of ETH/USD, we can see that the price is trading below $3,000 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $3,000, showing strong selling pressure in the market. The MACD indicator is also gaining momentum in the bearish zone, indicating a further downside potential.
Potential Price Movements
In the short term, Ethereum might see a minor correction, but any upside move is likely to be limited above the $3,120 zone. The first major resistance level stands near $3,000, followed by the $3,120 level. A clear break above these levels could signal a potential rally towards the $3,250 resistance zone. On the contrary, if Ethereum fails to clear the $3,000 resistance, we might see a continuation of the downward trend.
The immediate support for Ethereum is near $2,850, followed by the $2,800 zone. A break below $2,800 could lead to further losses towards the $2,720 level. On the upside, the key resistance levels to watch out for are $3,000, $3,120, and $3,250.
Ethereum is currently facing strong selling pressure below the $3,000 level. The lack of bullish momentum and the presence of key resistance levels indicate a challenging road ahead for ETH. Traders should exercise caution and closely monitor the support and resistance levels for potential trading opportunities.
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