📈💰 Ethereum is on the cusp of a potential breakthrough above the $2,900 threshold, with further upward momentum hinging on its ability to surmount key resistance barriers at $2,940 and $2,950.
🔍 Ethereum has solidified its support foundation above the $2,860 mark, signaling a potential reversal in its bullish trajectory.
📉 However, the current price action finds Ethereum trading below the $2,950 level and the 100-hourly Simple Moving Average, indicating the presence of notable resistance levels.
📉 An evident bearish trend line is emerging, posing a hurdle near the $2,905 mark on the hourly chart of ETH/USD (data sourced via Kraken).
📈👀 Ethereum Price Analysis:
Ethereum encountered obstacles in the vicinity of $3,000 and underwent a corrective downturn, mirroring the movement of Bitcoin. The ETH price retreated below critical support thresholds at $2,950 and $2,940.
💪 Nonetheless, buyers intervened near the $2,860 support zone, thwarting further downward pressure. The price found support and is presently consolidating losses, inching upward past the $2,885 level.
🎯 Immediate resistance looms at $2,950, a breakout above which could propel Ethereum towards the pivotal $3,000 mark. Beyond $3,000, subsequent resistance levels to monitor include $3,050 and $3,150.
📉🔜 Conversely, failure to breach the $2,925 resistance barrier could trigger a resumption of downward momentum. Initial support is situated at $2,880, followed by major support zones near $2,860 and $2,810.
💼💼 Technical Analysis:
Hourly MACD: The MACD indicator for ETH/USD is displaying indications of a waning bearish trend.
Hourly RSI: The Relative Strength Index (RSI) for ETH/USD has dipped below the 50 level, suggesting a slight tilt towards bearish sentiment.
📊📉 Key Levels:
Major Support Level: $2,860
Major Resistance Level: $2,925
💡 In summary, Ethereum is currently consolidating losses above the $2,860 support zone, with the potential for a breakout looming should it overcome resistance levels at $2,940 and $2,950. However, a failure to surpass these barriers could usher in renewed downward pressure towards $2,800 and $2,700 levels in the short term. Market participants are advised to closely monitor these critical levels for potential trading opportunities.