Ethereum Price Reverse Gains, Can ETH Bulls Save The Day?

Share This Post

Ethereum price rallied above the $3,300 level. ETH tested the $3,350 resistance and recently started a sharp decline below $3,300.

  • Ethereum rallied toward $3,350 before the bears appeared again.
  • The price is trading below $3,220 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it trades below the $3,165 support.

Ethereum Price Trims Gains

Ethereum price started a strong increase above the $3,200 level. ETH outperformed Bitcoin and even cleared the $3,300 resistance. However, the bears were active near the $3,350 level.

A high was formed at $3,355 and the price started a fresh decline. There was a sharp move below the $3,300 level. The price declined below the 50% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high.

There was also a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD. Ethereum is now trading below $3,220 and the 100-hourly Simple Moving Average.

However, the bulls are active near the $3,165 support and the 61.8% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. Immediate resistance is near the $3,210 level and the 100-hourly Simple Moving Average.

Ethereum Price

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,250 level. The next key resistance sits at $3,350, above which the price might gain traction and rise toward the $3,465 level. A close above the $3,465 resistance could send the price toward the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,680 resistance. Any more gains could send Ether toward the $3,750 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,210 resistance, it could continue to move down. Initial support on the downside is near the $3,180 level. The first major support is near the $3,165 zone.

The main support is near the $3,070 level. A clear move below the $3,070 support might set the pace for more losses and send the price toward $3,030. Any more losses might send the price toward the $2,880 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,165

Major Resistance Level – $3,210

Read Entire Article
spot_img

Related Posts

This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why

Crypto expert Michaël van de Poppe recently revealed that he had sold all his Bitcoin and rotated his capital to altcoins The analyst explained the reason for this move and remarked that he was

Blackrock Bitcoin ETF Attracts 414 Institutional Holders — Analyst Says IBIT ‘Blows Away Record’

Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has amassed 414 insitutional holders in less than three months, according to filings with the US

Bitcoin Breakout From Major Resistance Levels Signals Bullish Momentum

Bitcoin which has been moving downward for a while now has managed to break above its previous resistance level of $67,30398 and has been showing signs of a potential rally ever since At the time of

China’s $53.3B Divestment in US Treasuries Signals Massive Shift From Dollar Assets

According to records, China has divested $533 billion in US Treasury notes and agency bonds during the first quarter Some analysts suggest this reduction in foreign exchange reserves might be

Floki Inu Frenzy: Memecoin Eyes New Highs As Open Interest Soars

Floki Inu (FLOKI), the Shiba Inu-inspired memecoin, has rocketed into the spotlight with a surge in trading activity and a nearly 20% price increase in the past week However, experts caution that

Ripple Market Report: Why Is XRP Volume Getting The Spotlight?

Cryptocurrency payment company Ripple has released XRP’s market report for the first quarter of 2024 The report sheds light on XRP’s soaring trading volume It also highlights updates on the
- Advertisement -spot_img