The Current State of Ethereum Price Movement

The Current State of Ethereum Price Movement

Ethereum price is currently facing significant challenges as it attempts to recover above the $3,360 resistance zone. Despite showing slight signs of improvement, ETH is now displaying indications of further losses below the $3,300 and $3,250 levels. The hurdles near the $3,350 and $3,360 levels pose a significant threat to any potential upward movement. In addition, the price is currently trading below $3,350 and the 100-hourly Simple Moving Average. A break below a rising channel with support at $3,320 on the hourly chart of ETH/USD via Kraken data feed further compounds the bearish outlook for Ethereum. The possibility of extending losses looms large if the price fails to hold above the critical $3,200 support zone.

Recent Price Action

Recent price action for Ethereum has seen ETH trade below the $3,300 level before witnessing a minor resurgence by the bulls. The price dipped as low as $3,215 before experiencing a slight recovery, much like Bitcoin. Despite climbing above the $3,250 and $3,280 levels temporarily, the bears took control near the $3,360 resistance level. The subsequent struggle between bulls and bears led to a downward reaction in price, resulting in a break below the previously identified rising channel at $3,320 on the hourly chart. Ethereum is currently trading below $3,300 and the 100-hourly Simple Moving Average, with immediate resistance near the $3,300 level and major resistance at $3,360. Further hurdles are expected at the $3,435 and $3,550 levels, with a breakthrough potentially leading to a push towards the $3,650 zone.

In a scenario where Ethereum fails to overcome the $3,360 resistance level, the likelihood of a continued downtrend remains high. Initial support is expected near the $3,240 level, followed by major support at $3,215 and potential key support at $3,200. A decisive breach below the $3,200 mark could trigger a further decline towards $3,120, with additional losses potentially targeting the $3,040 level. Hourly technical indicators also paint a bearish picture, with the MACD for ETH/USD gaining momentum in the bearish zone and the RSI now positioned below the 50 level. Major resistance remains stubbornly at $3,360, while major support is identified at $3,215.

It is essential to note that the information presented in this article is for educational purposes only and does not reflect the views or opinions of NewsBTC. The decision to buy, sell, or hold any investments should be made after conducting thorough research and analysis, as investing always carries inherent risks. Any reliance on the information provided on this website is done entirely at the individual’s own risk.

Analysis

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