Ethereum’s price has once again taken a dip, falling below the $3,000 mark. The crucial support levels to watch out for are $2,800 and $2,850, as ETH needs to stay above these levels to prevent a significant drop. Despite testing the $2,900 zone, the price is currently below $3,120 and the 100-hourly Simple Moving Average. A bearish trend line has formed with resistance at $3,120 on the hourly chart of ETH/USD. If the price fails to hold above $2,850, it could continue its downward trend.
Ethereum struggled to surpass the $3,250 level and began another decline, similar to Bitcoin. The price dropped below $3,120 and even dipped below $3,000, reaching a low of $2,916. While there was a minor increase above $3,000, the bears were active near the $3,000 and $3,020 levels. Currently trading below $3,120 and the 100-hourly Simple Moving Average, the immediate resistance is at $3,020. The first major resistance lies at $3,120, along with the bearish trend line resistance at $3,120 on the hourly chart of ETH/USD.
For Ethereum to bounce back, it needs to break above key resistance levels. The next significant resistance point is at $3,185, followed by $3,250. If the price manages to close above $3,250, it could surge towards $3,350 and potentially reach $3,500. Further gains may push Ether towards the $3,620 resistance zone. However, failing to clear the $3,120 resistance could result in further downward movement. The initial support lies at $2,940, with the primary support at $2,850, and a crucial support level at $2,800. A decisive drop below $2,800 might lead to a decline towards $2,650, potentially extending to $2,540 in the near future.
The hourly MACD for ETH/USD is showing momentum in the bearish zone, indicating the possibility of further downward movement. The hourly RSI has fallen below the 50 level, suggesting a bearish sentiment in the market.
The current situation of Ethereum’s price indicates a critical juncture where a rebound is possible if key resistance levels are broken. However, failure to surpass these levels could result in a continuation of the downward trend. Traders and investors are advised to conduct thorough research before making any investment decisions, as the market carries inherent risks.