Ethereum Price Recovery In Jeopardy? Decoding Major Hurdles To Upside Continuation
2024年5月7日 - 1:32PM
NEWSBTC
Ethereum price extended its recovery wave above the $3,120 zone.
ETH failed to surpass the $3,220 resistance and is currently
trimming gains. Ethereum climbed further above the $3,150 and
$3,200 levels before the bears appeared. The price is trading below
$3,120 and the 100-hourly Simple Moving Average. There was a break
below a major bullish trend line with support at $3,120 on the
hourly chart of ETH/USD (data feed via Kraken). The pair must stay
above the $3,020 support to start another increase toward $3,220.
Ethereum Price Dips Again Ethereum price climbed further above the
$3,150 and $3,200 levels, like Bitcoin. ETH tested the $3,220
resistance zone before the bears appeared. A high was formed at
$3,217 and the price started a downside correction. There was a
move below the $3,150 level. The bears pushed it below the $3,120
support. Besides, there was a break below a major bullish trend
line with support at $3,120 on the hourly chart of ETH/USD. The
pair tested the $3,025 zone. A low was formed at $3,025 and the
price is now consolidating losses. Ethereum is trading below $3,120
and the 100-hourly Simple Moving Average. Immediate resistance is
near the $3,070 level or the 23.6% Fib retracement level of the
recent decline from the $3,217 swing high to the $3,025 low. The
first major resistance is near the $3,120 level or the 50% Fib
retracement level of the recent decline from the $3,217 swing high
to the $3,025 low. The next key resistance sits at $3,170, above
which the price might gain traction and rise toward the $3,220
level. Source: ETHUSD on TradingView.com If the bulls remain in
action and push the price above $3,220, there could be a drift
toward the $3,350 resistance. Any more gains could send Ether
toward the $3,500 resistance zone. More Losses In ETH? If Ethereum
fails to clear the $3,120 resistance, it could start another
decline. Initial support on the downside is near the $3,025 level.
The first major support is near the $3,000 zone. The main support
is near the $2,950 level. A clear move below the $2,950 support
might push the price toward $2,820. Any more losses might send the
price toward the $2,650 level in the near term. Technical
Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in
the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the
50 level. Major Support Level – $3,025 Major Resistance Level –
$3,120
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