💥💥💥 #Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How
Ethereum's price trajectory encounters a correction phase following its rejection near the $3,220 mark. A renewed bullish trend may unfold if it surmounts the obstacles at $3,055 and $3,080.
The latest Ethereum price action witnessed a retracement after encountering resistance around the $3,220 level. This downturn saw ETH slipping beneath both the $3,100 mark and the 100-hourly Simple Moving Average. Notably, it tested the critical support at $3,000 before entering a consolidation phase.
Presently, Ethereum is trading below $3,100, with immediate resistance looming around the $3,050 level. This aligns closely with the 23.6% Fibonacci retracement level of the recent decline from the $3,217 swing high to the $3,005 low.
Furthermore, a pivotal bearish trend line is forming with resistance at $3,055 on the hourly chart of ETH/USD. The primary resistance lies near $3,080, coinciding with the 100-hourly SMA.
Resistance is expected at $3,120, with a breakthrough potentially leading to bullish momentum towards $3,200. Surpassing $3,200 could target resistance levels at $3,350 and $3,500.
Conversely, if Ethereum struggles to surpass the $3,055 resistance, it might resume its decline. Initial support is found at the $3,000 level, which is a crucial psychological level.
Subsequently, the $2,950 zone emerges as a significant support area, followed by $2,920. A breach below $2,920 may lead to further downside pressure, with potential targets at $2,840 and $2,720 in the near term.
Looking at the technical indicators, the hourly #MACD for ETH/USD indicates a weakening bearish momentum, while the hourly RSI is below the 50 level, signaling a bearish sentiment.
In summary, Ethereum's ability to breach key resistance levels at $3,055 and $3,080 will determine its next directional move. Conversely, a failure to do so might prompt further downside, with $3,000 and $2,950 serving as crucial support levels.
Source - newsbtc.com
