Ethereum (ETH) has recovered above the critical $3,000 support level and resumed its upward trend after reaching a peak of $3,400. However, further growth remains uncertain due to resistance at the $3,200 level.
Long-Term Analysis: Upward Trend Remains Intact
This week, Ethereum has managed to stay above the $3,000 level despite struggling to break through its recent highs. A failure to hold this support level could lead to a deeper decline.
If the price falls below $3,000, it could drop to the $2,800 support level.
A dip below the moving averages would likely renew the bearish trend.
Currently, ETH is trading at $3,130, remaining above the 21-day moving average, which indicates that the bullish momentum hasn’t been entirely lost.
Ethereum Indicator Analysis
ETH is stabilizing as price bars stay above the moving average lines on the daily chart. As long as the price remains above these lines, the positive trend could continue.
However, on the 4-hour chart, price bars have fallen below the moving averages, signaling the potential for a downward movement.
Key Resistance Levels: $4,000 and $4,500
Key Support Levels: $3,500 and $3,000
What’s Next for Ethereum?
On the 4-hour chart, Ether has slipped below the moving average lines. Despite efforts by buyers to push the price back above these levels, they have so far been unsuccessful. The price indicator now suggests a potential decline toward the Fibonacci extension level of 2.618, corresponding to $2,680.72.
Summary: Ethereum is holding above the crucial $3,000 level, but the outlook remains uncertain. The key question is whether the bulls can sustain the price above this level or if the market will succumb to selling pressure, leading to further declines toward the next support levels.
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