In recent developments, the price of Ethereum has embarked on yet another downward trajectory. The digital currency is experiencing difficulties maintaining its value above the $3,150 mark, suggesting a potential further decline below the critical $3,000 support zone.
Current Ethereum Market Trends
- Ethereum is gradually moving downward, slipping below the $3,150 threshold.
- The current trading value is under $3,100, remaining beneath the 100-hour Simple Moving Average.
- A bearish trend line is forming, with resistance observed around the $3,080 point on the ETH/USD hourly chart, sourced from Kraken.
- Should there be a closure below the $3,000 support zone, the pair could experience extended losses.
Ethereum Price Struggle Persists
Ethereum recently attempted to break above the $3,200 resistance, but unlike Bitcoin, it was unsuccessful. Consequently, ETH initiated a fresh descent, breaching the $3,150 and $3,120 support levels.
The price descended past $3,080, reaching a low of $3,033, and is now undergoing consolidation. It tested the 23.6% Fibonacci retracement level from the recent drop, which ranged from the $3,225 swing high to the $3,033 low. Currently, Ethereum is trading below the $3,000 mark and the 100-hour Simple Moving Average. On the upside, the price seems to face challenges near the $3,080 level.
The first significant resistance is positioned near the $3,120 level or the 50% Fibonacci retracement of the recent decline from the $3,225 swing high to the $3,033 low. The primary resistance is forming near $3,180. A decisive move above this resistance could propel the price towards the $3,220 mark.
Should there be an upward break beyond the $3,220 resistance, it may signal further gains in the ensuing sessions. In such a scenario, Ethereum could potentially ascend towards the $3,450 resistance zone.
Potential for Further Losses in Ethereum?
If Ethereum fails to surpass the $3,100 resistance, another decline may ensue. The initial support on the downside is near the $3,030 level, with the first major support located around the $3,000 zone.
A definitive move below the $3,000 support could drive the price towards $2,920. Additional losses might then steer the price towards the $2,880 support level shortly. The subsequent key support is positioned at $2,740.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish territory.
- Hourly RSI – The RSI for ETH/USD has dipped below the 50 mark, indicating bearish sentiment.
- Major Support Level – $3,030
- Major Resistance Level – $3,100
In conclusion, Ethereum continues to face challenges in stabilizing its price, with potential declines looming below the $3,000 mark. Investors and traders should closely monitor the key support and resistance levels for better decision-making in this volatile market.
