Buy Mike (MIKE)

Struggling to maintain upward momentum above the $3,220 mark, the price of Ethereum is currently consolidating losses and may encounter obstacles near the $3,220 threshold.

Initiating a new descent beneath the $3,120 territory, Ethereum finds itself trading under $3,180 and the 100-hourly Simple Moving Average.

Marking a significant development, a bearish trend line is shaping up with a barrier at $3,220 on the hourly ETH/USD chart sourced via Kraken.

If Ethereum remains below the $3,200 level, there is a likelihood of a further downturn.

Ethereum Price Struggles Against Resistance

Following a downtrend below the $3,220 and $3,180 levels, similar to Bitcoin, Ethereum dipped below $3,050 prior to a bullish resurgence.

After hitting a low at $3,021, a slight recovery ensued with a breach above the $3,120 and $3,150 thresholds. Surpassing the 23.6% Fibonacci retracement level of the previous downward movement from $3,425 to $3,020, the price exhibited a moderate uptick.

Yet, encountering resistance at $3,200, Ethereum now lingers below this level alongside the 100-hourly Simple Moving Average, with a prominent bearish trend line impediment at $3,220 on the hourly chart for ETH/USD.

Significant hindrances appear near the $3,180 mark, leading up to the primary obstacle at $3,200 along with the trend line. The pivotal resistance now emerges around $3,220, coupled with the 50% Fibonacci retracement level from the recent high to low.

A decisive breach above the $3,220 barrier could propel the price towards the $3,320 resistance and potentially trigger further uptrends in subsequent sessions. In such a scenario, Ether might ascend towards the $3,450 to $3,500 levels in the short term.

Potential Reversal for ETH?

If Ethereum fails to surpass the $3,200 resistance, a fresh downturn may ensue. Initial support is anticipated near $3,075, with a major support level existing at $3,050.

A clear breakdown below $3,050 could lead to a descent towards $3,020, and further declines might drive the price towards the $3,000 and $2,950 support thresholds in the immediate future.

Technical Indicators

Hourly MACD – Indicating decreased bearish momentum for ETH/USD.

Hourly RSI – Currently hovering above the 50 threshold for ETH/USD.

Key Support Level – $3,050

Key Resistance Level – $3,220

The post Challenges Ahead for Ethereum Price as It Battles Resistance appeared first on Crypto Breaking News.

President Trump Claps Back At Fed Chair Jerome Powell After Demeaning Comments
President Donald Trump went on a fiery rampage Wednesday, ripping into Federal Reserve Chair Jerome Powell for what he described as a catastrophic failure in managing inflation and botching bank regulation.
The brutal attack came just two hours after the Fed announced its decision to leave interest rates unchanged, despite Trump’s very public demand for immediate cuts. But the Fed ignored him. Instead, Powell held steady, saying there was no need to rush a change in rates.
Trump slams Powell’s “terrible job” and promises to cut regulations
Posting on Truth Social on Jan. 29, Trump said, “Jay Powell and the Fed failed to stop the problem they created with inflation. I will do it by unleashing American energy production, slashing regulation, rebalancing international trade, and reigniting American manufacturing.”
Trump blamed Powell for driving the U.S. into “the worst inflation in the history of our country” and claimed the Fed wasted time on “DEI, gender ideology, green energy, and fake climate change.”
The president’s anger wasn’t just about inflation. He also tore into Powell’s oversight of bank regulations, which he said has been disastrous, vowing that the Treasury Department under newly confirmed Secretary Scott Bessent would clean up the mess by slashing red tape and expanding lending to businesses and everyday Americans.
At a press conference following the rate decision, Powell was bombarded with questions about Trump’s criticisms. His response was an ice cold. “No,” Powell said when asked if he had spoken to Trump. He made it clear that he had no plans to engage with Trump’s attacks, calling it “inappropriate” to comment on the president’s statements.
But Trump’s beef with Powell isn’t new. Trump picked him as Fed chair back in 2018, but things quickly soured when Powell resisted the president’s push for lower rates. During his campaign in 2024, Trump said, “I will not reappoint him when his term ends in 2026.”
But today Powell told reporters the economy is “in a good place” and insisted that holding rates steady is the right move to maintain balance. Powell’s message was simple: slow and steady wins the race. But Trump isn’t interested in waiting.
At the heart of Trump’s criticism is a bigger question: should the president have more say in setting interest rates? This guy certainly thinks so.
In September 2024, he said, “I think I know interest rates much better than they do, and I think I know them certainly much better than the one who’s primarily in charge of making that decision.”
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