#Ethereum Price Recovery In Jeopardy? Decoding Key Hurdles To Fresh Increase
Ethereum's price is encountering multiple obstacles in its attempt to surpass the $3,200 mark, indicating a potential bearish trend if it remains below $3,200 and $3,280.
The struggle for Ethereum to reclaim ground above the $3,200 resistance zone persists, with the price currently trading beneath $3,200 and the 100-hourly Simple Moving Average. Notably, a pivotal bullish trend line at $3,100 was breached on the hourly chart of ETH/USD, sourced from Kraken's data feed.
Following a recovery phase that briefly lifted ETH above the $3,000 barrier, bears exerted pressure around the $3,280 resistance area, resulting in a fresh downturn similar to Bitcoin's trajectory. Subsequently, Ethereum descended below the $3,200 support zone, erasing gains made previously.
Moreover, the price retraced below the 23.6% Fibonacci retracement level of the upward swing from the $2,537 low to the $3,278 high. The breach of the aforementioned bullish trend line at $3,100 signifies a bearish shift in sentiment.
Presently, Ethereum confronts resistance near $3,200,
followed by significant hurdles at $3,250 and $3,280. A breakthrough above these levels could potentially lead to a test of the $3,350 resistance, with further bullish momentum likely toward the $3,500 and $3,620 zones.
Failure to break above $3,200 could lead to further decline. Initial support is at $3,000, followed by $2,900 or the 50% Fibonacci retracement level. Below that, support is at $2,820, and breaking below may push it towards $2,650 and potentially $2,550.
In terms of technical indicators, the hourly MACD for ETH/USD is trending bearishly, while the hourly RSI has dipped below the 50 level, suggesting a weakening bullish momentum.
Key Levels to Monitor:
- Support: $3,000, $2,900, $2,820, $2,650, $2,550
- Resistance: $3,200, $3,250, $3,280, $3,350, $3,500, $3,620
Source - newsbtc.com