🔥🔥🔥 #Ethereum Price Holds Strong At $3K But Can Bulls Clear This Hurdle?
Ethereum's price is currently consolidating around the $3,000 mark, with potential for a recovery if it surpasses key resistance levels at $3,100 and $3,200.
Despite attempts, Ethereum struggles to breach the $3,100 resistance zone and remains below $3,120 and the 100-hourly Simple Moving Average. A significant bearish trend line is forming with resistance at $3,035 on the hourly chart of ETH/USD, indicating potential downward movement if it fails to overcome the $3,100 barrier.
Recent Developments:
- Following its failure to surpass the $3,200 resistance, Ethereum faced bearish pressure, mirroring Bitcoin's movements. The price dipped below $3,000 but found support near the 50% Fib retracement level of the recent upward wave from $2,535 to $3,279.
- Currently, Ethereum trades below $3,120 and the 100-hourly Simple Moving Average, with immediate resistance at $3,030. The bearish trend line at $3,035 presents a significant hurdle. Further resistance lies at $3,100 and the 100-hourly SMA, followed by $3,200 and potentially $3,280. A breakthrough above $3,280 could propel Ethereum toward the $3,500 and $3,650 resistance levels.
Potential Downside:
- Failure to surpass $3,100 resistance might trigger another decline, with initial support at $3,000. Major support zones are near $2,900 and $2,820, along with the 61.8% Fib retracement level of the recent uptrend. Further downward movement could lead Ethereum toward $2,600 or even $2,550 in the near term.
Technical Indicators:
The hourly MACD for ETH/USD shows increasing bearish momentum, while the hourly RSI is below the 50 level, indicating bearish sentiment.
Key Levels:
- Support: $2,900, $2,820
- Resistance: $3,100, $3,200
Source - newsbtc.com