๐Ÿ‘‰๐Ÿ‘‰๐Ÿ‘‰ #Ethereum Price Uptrend To Restart? These Could Be Hurdles To Watch


Ethereum's price continued its downward trajectory, breaching the crucial $3,320 support zone and remaining within a bearish stance on the hourly chart, much like Bitcoin's movement.

Currently, the price trades below $3,400 and the 100-hourly Simple Moving Average. A major bearish trend line has formed, indicating resistance around the $3,320 mark as observed in the ETH/USD hourly chart sourced from Kraken.

Following the decline, Ethereum dipped below $3,220, reaching a low at $3,215 before initiating a recovery attempt. It tested the 23.6% Fibonacci retracement level of the downward wave from the $3,655 swing high to the $3,215 low.

Immediate resistance is encountered near the $3,320 level, alongside the prominent bearish trend line. Further resistance lies at approximately $3,350, with the subsequent key resistance situated at $3,440 or the 50% Fibonacci retracement level of the downward wave from the $3,655 swing high to the $3,215 low.

Should the price manage to surpass these resistance levels, the $3,500 level becomes a potential testing ground. Beyond this point, Ethereum could aim for the $3,550 level, signaling the onset of bullish momentum. In such a scenario, further upside targets may include the $3,680 and $3,780 resistance levels, with the possibility of extending gains towards $3,850.

However, failure to breach the $3,320 resistance could result in sustained downward pressure. Initial support awaits near the $3,250 level, followed by the critical $3,220 zone. Subsequent support levels include the $3,120 and $3,040 zones, with a decisive breach possibly leading to a decline towards $3,000.

Analyzing technical indicators, the hourly MACD for ETH/USD suggests a loss of momentum in the bearish zone, while the hourly RSI is currently below the 50 level, indicating prevailing downward pressure.

Key support and resistance levels to monitor are $3,220 and $3,320, respectively.


Source - newsbtc.com

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