👉👉👉 #Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?

Ethereum is striving for a rebound above the $3,125 mark, aiming to overcome the resistance at $3,200 for further upward movement.

The recent downtrend saw Ethereum testing the support zone near $3,075. Presently, the price is trading below $3,180 and the 100-hourly Simple Moving Average. Notably, a notable rising channel is forming with support at $3,140 on the hourly chart of ETH/USD.

Despite a minor climb above the $3,125 resistance, Ethereum faces resistance near the $3,200 zone. Bears are showing activity around this level, hindering significant upward momentum.

Immediate resistance is at $3,180 and the 100-hourly Simple Moving Average, with primary resistance at $3,200 or the 61.8% Fib retracement level from $3,292 to $3,074.

Further resistance lies at $3,240, with potential gains towards $3,280.

A break above $3,280 could lead to testing the $3,350 resistance and potentially targeting $3,500, with upside potential towards $3,550.

If Ethereum fails to break above $3,180 resistance, it may face continued downside pressure. Initial support is near $3,125, followed by a significant zone around $3,075. Primary support rests at $3,030, with a break below suggesting further losses towards $2,880. Extended downside could target $2,750 in the near term.

Technical indicators suggest a loss of momentum in the bearish zone, as evidenced by the hourly MACD and RSI, which is now below the 50 level.

In summary:

- Ethereum is targeting a rebound above $3,125 towards resistance at $3,200, supported by a rising channel forming around $3,140.

- Resistance levels at $3,180, $3,200, and $3,240 could lead to gains towards $3,500 and $3,550.

- Support lies at $3,125, $3,075, and $3,030, with potential downside targets at $2,880 and $2,750.

- Although technical indicators suggest a weakening bearish momentum, caution is warranted given the RSI below 50.

Source - newsbtc.com

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