The Ethereum price is facing a significant struggle to recover above the $3,360 resistance zone. Despite attempts to bounce back, ETH is now showing signs of more losses below the $3,300 and $3,250 levels. This indicates that the cryptocurrency is encountering numerous hurdles in its path to a successful recovery.
Ethereum is encountering many hurdles near the $3,350 and $3,360 levels. The price is currently trading below $3,350 and the 100-hourly Simple Moving Average, making it difficult for ETH to gain momentum and break through these resistance levels. Additionally, there was a break below a rising channel with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken), adding to the challenges that Ethereum is facing in its recovery journey.
Potential for Extended Losses
The pair could potentially extend losses if there is a close below the $3,200 support zone. This raises concerns about the future performance of Ethereum and the possibility of further downward movement in its price. Traders and investors are closely monitoring these key support levels to gauge the potential impact on the cryptocurrency’s value.
Hourly MACD for ETH/USD is gaining momentum in the bearish zone, indicating a negative trend in Ethereum’s price. Additionally, the Hourly RSI for ETH/USD is now below the 50 level, further highlighting the challenges that Ethereum is currently facing in its attempt to recover. These technical indicators provide valuable insights into the current state of Ethereum’s price movement.
The struggle of Ethereum price recovery is evident in the numerous obstacles that ETH is facing in its journey to bounce back above key resistance levels. With signs of more losses and hurdles near critical price levels, Ethereum’s future performance remains uncertain. Traders and investors are advised to exercise caution and conduct thorough research before making any investment decisions involving Ethereum.
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