Ethereum’s price is currently facing bearish momentum below the $2,950 mark, indicating a possible downtrend towards the $2,550 support in the coming days. Despite efforts to break the $2,950 resistance, Ethereum struggled to maintain its bullish position and has started a new decline. Trading below $2,920 and the 100-hourly Simple Moving Average, the price is now at a critical juncture.

There is a notable bearish trend line forming with resistance at $2,910 on the hourly chart of ETH/USD, suggesting that the pair could further lose ground if it drops below the $2,850 support. With a recent high of $2,951, Ethereum failed to sustain its upward momentum and has slipped lower. The current consolidation phase near the 23.6% Fib retracement level signals a continuation of the downward move.

At present, Ethereum is trading below $2,950 and the 100-hourly Simple Moving Average, with immediate resistance around the $2,900 level. The first major resistance lies at $2,920 or the 50% Fib retracement level. A clear break above this level could pave the way for a push towards $3,020. However, a breach of the $2,860 support might trigger another downside move, with initial support at $2,840 and subsequent support at $2,780.

Potential Price Scenarios

Should Ethereum fail to clear the $2,920 resistance barrier, the price may face further losses towards the $2,650 level. A breach of this level could open the doors for a test of $2,550 in the near term. On the other hand, a break above $3,020 could lead to a rally towards the $3,150 resistance zone, followed by potential gains towards $3,250.

The Hourly MACD for ETH/USD is currently showing momentum in the bearish zone, indicating a preference for sell positions. The Hourly RSI has dipped below the 50 level, pointing towards a weakening bullish sentiment. Traders and investors should monitor these indicators closely to gauge the market sentiment and make informed decisions.

Ethereum’s price is facing a crucial test as it hovers below key resistance levels. The current bearish momentum suggests a potential downside towards $2,550, while a break above $3,020 could spark a bullish rally. It is essential for traders to exercise caution and closely monitor price movements to navigate the volatility in the crypto market.

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