Are Ethereum Bears Ready to Strike? Anticipating a Significant Pullback
The Ethereum market is currently facing resistance below the $3,400 mark, showing signs of potential decline below the $3,150 support level.
- Despite attempts to surpass the $3,350 and $3,400 levels, Ethereum has struggled to gain traction.
- Currently, the price is trading below $3,300 and the 100-hourly Simple Moving Average, indicating bearish signals.
- A significant break occurred below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
- If Ethereum manages to stay above the $3,120 support level, there could be a potential upward movement in the pair.
Breaking Support Levels for Ethereum Price
At the resistance level of $3,220, Ethereum saw a moderate uptick, but gains were limited compared to Bitcoin. The price managed to surpass the $3,300 barrier before facing bearish pressure.
Following a high at $3,361, a downward movement ensued. The price dropped below the $3,250 and $3,220 support levels, with a significant break below the contracting triangle support at $3,270 on the hourly ETH/USD chart.
Currently, Ethereum is consolidating after hitting a low of $3,201, trading below $3,300 and the 100-hourly Simple Moving Average. Resistance is apparent near the $3,280 level and the 50% Fib retracement level of the recent downward move.
Key resistance levels to watch include $3,300, $3,350, and the critical hurdle at $3,350 for potential further gains in ETH price.
A breakthrough above $3,350 could push the price towards $3,450, potentially leading to more gains in upcoming sessions, with levels around $3,550 and $3,580 within reach.
Potential Downside for Ethereum
If Ethereum fails to breach the $3,300 resistance level, a downward trend may resume. Initial support lies at $3,200, followed by major support near $3,150.
A significant drop below $3,150 could trigger a decline towards $3,120. Further losses might drive the price towards $3,050 in the short term, with a critical support level at $3,000.
Technical Indicators
Hourly MACD The MACD for ETH/USD shows a growing bearish momentum.
Hourly RSI The RSI for ETH/USD is now positioned below the 50 threshold.
Key Support Level $3,200
Key Resistance Level $3,300
The post Are Ethereum Bears Ready to Strike? Anticipating a Significant Pullback appeared first on Crypto Breaking News.
Text source: Crypto Breaking News
