The Ethereum price has been facing several obstacles near the $3,200 mark. It is evident that ETH may experience a significant decline if it fails to surpass the $3,200 and $3,280 resistance levels. Currently, the price is trading below $3,200 and the 100-hourly Simple Moving Average, indicating a bearish trend.
A bearish trend line is seen forming with resistance at $3,120 on the hourly ETH/USD chart, as per data feed via Kraken. This trend line showcases the struggle Ethereum is facing to make a recovery amidst the resistance levels. The potential for another decline looms if a close below the $2,900 support zone is witnessed.
While Ethereum found support and attempted a recovery wave above the $3,000 resistance zone, it encountered active bears near the $3,280 resistance area. The price managed to climb above $3,200 but was unable to sustain its momentum. A high was established at $3,278 before the price retraced downwards.
The immediate resistance for Ethereum lies around the $3,100 mark, followed by a significant hurdle at $3,200 and the 100-hourly Simple Moving Average. Moving forward, the next key resistance stands at $3,280, beyond which a potential upward movement towards the $3,350 level is feasible.
Should Ethereum fail to break above the $3,200 resistance, another downward trend could commence. Initial support is noted near $3,000, with major support at the $2,900 zone. Further support levels include $2,710 and a potential downside target at $2,650. In the worst-case scenario, a breach of $2,550 might lead to more substantial losses.
The Hourly Moving Average Convergence Divergence (MACD) for ETH/USD is indicating a loss in bearish momentum, while the Relative Strength Index (RSI) stands above the 50 level. These technical indicators provide mixed signals but emphasize the need for caution in trading decisions.
It is essential to highlight that the information provided in this analysis is for educational purposes only. It is crucial to conduct thorough research and analysis before making any investment decisions. Investing in cryptocurrencies carries risks, and it is advisable to use the information provided here at your own discretion and risk level.
Ethereum’s price remains under pressure as it struggles to overcome key resistance levels. The market sentiment continues to be uncertain, with both bullish and bearish scenarios playing out. Traders and investors are advised to exercise caution and remain vigilant in their trading strategies amidst the volatile cryptocurrency market.