👉👉👉 #Ethereum Price Reverse Gains, Can $ETH Bulls Save The Day?


Ethereum surged above $3,300 but faced resistance near $3,350, resulting in a sharp downturn below $3,300.

Despite an initial rally, Ethereum encountered resistance near $3,350, leading to a downward trend. It is currently trading below $3,220 and the 100-hourly Simple Moving Average (SMA). A crucial bullish trend line support at $3,250 was breached on the hourly chart of ETH/USD, sourced via Kraken. If Ethereum remains below the $3,165 support, further downside is likely.

Ethereum initiated a strong uptrend above $3,200, surpassing Bitcoin and breaching $3,300 resistance. However, it faced resistance around $3,350, peaking at $3,355 before retracing sharply. It dipped below $3,300 and the 50% Fibonacci retracement level of the upward swing from $3,070 to $3,355. A significant bullish trend line support near $3,250 was broken, and Ethereum is now trading below $3,220 and the 100-hourly SMA.

Buyers are active near the $3,165 support and the 61.8% Fibonacci retracement level of the upward move from $3,070 to $3,355. Immediate resistance is expected near $3,210 and the 100-hourly SMA. The primary resistance lies around $3,250, followed by a crucial hurdle at $3,350. Breaking above this level could drive further upside momentum, targeting $3,465 and potentially $3,550. Surpassing $3,550 might push Ethereum towards $3,680, with potential gains toward $3,750.

Failure to breach the $3,210 resistance could lead to continued downside. Initial support is at $3,180, followed by the critical zone near $3,165. The primary support remains at $3,070, and a decisive breach below this level may indicate further declines towards $3,030. Additional losses might push the price towards $2,880 in the near term.

Technical Analysis:

- Hourly MACD: Bearish momentum is seen in the MACD for ETH/USD.

- Hourly RSI: The RSI for ETH/USD has dipped below the 50 level.

- Major Support Level: $3,165

- Major Resistance Level: $3,210


Source - newsbtc.com

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