LIVE๐ Ethereum Price Trends and Critical Resistance Levels
Recent developments in the Ethereum market have stirred concern among investors. Ethereum's price struggled to breach the critical resistance levels at $3,250 and $3,280, subsequently falling below key support at $3,200 and the 100-hour Simple Moving Average.
๐ Approaching Critical Support
ETH/USD's hourly chart indicates a significant break below the $3,190 support, signaling strength in bearish sentiment. If the price continues below the $3,100 support, further downward movement could ensue, heightening concerns among traders.
๐ ETH in a Downtrend
Ethereum has entered a short-term downtrend after failing to surpass key resistance levels. The breach of the $3,190 trend line on the four-hour chart underscores this shift. ETH is currently consolidating losses around $3,150, with support testing at $3,100.
๐ Critical Resistance Levels
Immediate resistance sits at $3,180, just below the 100-hour Simple Moving Average. Major resistance levels are at $3,200, $3,220, and $3,250. A breakthrough above $3,250 could propel Ethereum toward $3,280 and potentially the $3,500 zone.
๐ Potential Declines for ETH
The failure to surpass $3,200 poses a risk of further downside momentum. Initial support is at $3,120, followed by critical levels at $3,100 and $3,030. If these supports break, Ethereum might experience increased selling pressure, potentially declining to $2,850 or lower in the near term.
