Can Bulls Turn the Tide in the Ongoing Ethereum Price Battle?
The price of Ethereum faced challenges in sustaining momentum above $3,220 and experienced a decline. Currently, ETH is consolidating its losses and could encounter resistance around the $3,200 threshold.
- Initiating a new downtrend, Ethereum slipped below the $3,150 mark.
- At present, the price is positioned below $3,200 and the 100-hourly Simple Moving Average.
- A significant bearish trend line is taking shape with resistance at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair remains beneath the $3,220 level, it may undergo another descent.
Ethereums Value Declines Once More
Ethereums value began a fresh decline below $3,250 and $3,200 levels, reminiscent of Bitcoins movement. ETH even dropped below $3,050 before the bulls intervened.
A low point was established at $3,021, following which there was a minor correction in price. Subsequently, there was an upturn above $3,120 and $3,150 levels, surpassing the 23.6% Fib retracement level.
Despite this, resistance was encountered near the $3,220 mark. Currently, Ethereums price is trading below $3,200 and the 100-hourly Simple Moving Average, with a significant bearish trend line persisting at $3,250 on the ETH/USD hourly chart.
On the upside, hurdles are prevalent around the $3,150 level, with primary resistance near $3,220, the trend line, and the 50% Fib retracement level.
Primary resistance is forming around $3,270. A decisive breakthrough above $3,270 could push the price towards the $3,350 barrier, potentially leading to further gains. In such a scenario, Ether may climb to the $3,420 region or even $3,500 in the short term.
Potential Further Losses for ETH?
If Ethereum fails to surpass the $3,220 resistance, there is a possibility of a new decline. Initial support lies around $3,050, with a major support level at $3,020.
A clear breach below the $3,020 mark could drive the price towards $3,000, potentially leading to further losses towards the $2,950 support range in the near future. The subsequent critical support level stands at $2,880.
Technical Indicators
Hourly MACD The MACD for ETH/USD is displaying bearish momentum.
Hourly RSI ETH/USDs RSI currently sits below the 50 threshold.
Key Support Level $3,050
Key Resistance Level $3,020
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