Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?
25 Abril 2024 - 11:55PM
NEWSBTC
Ethereum price is attempting a recovery wave above the $3,125 zone.
ETH must clear the $3,200 resistance to continue higher in the near
term. Ethereum extended losses and tested the $3,075 support zone.
The price is trading below $3,180 and the 100-hourly Simple Moving
Average. There is a key rising channel forming with support at
$3,140 on the hourly chart of ETH/USD (data feed via Kraken). The
pair could continue to move down if it trades below the $3,125
support. Ethereum Price Faces Resistance Ethereum price struggled
to recover and extended losses below the $3,100 level. ETH traded
as low as $3,074 and is currently attempting another recovery wave,
like Bitcoin. There was a minor increase above the $3,125
resistance. The price climbed above the 23.6% Fib retracement level
of the recent drop from the $3,292 swing high to the $3,074 low.
However, the bears are active near the $3,200 resistance zone.
Ethereum is now trading below $3,180 and the 100-hourly Simple
Moving Average. There is also a key rising channel forming with
support at $3,140 on the hourly chart of ETH/USD. Immediate
resistance is near the $3,180 level and the 100-hourly Simple
Moving Average. The first major resistance is near the $3,200 level
or the 61.8% Fib retracement level of the recent drop from the
$3,292 swing high to the $3,074 low. Source: ETHUSD on
TradingView.com The next key resistance sits at $3,240, above which
the price might gain traction and rise toward the $3,280 level. A
close above the $3,280 resistance could send the price toward the
$3,350 resistance. If there is a move above the $3,350 resistance,
Ethereum could even test the $3,500 resistance. Any more gains
could send Ether toward the $3,550 resistance zone. More Downsides
In ETH? If Ethereum fails to clear the $3,180 resistance, it could
continue to move down. Initial support on the downside is near the
$3,125 level. The first major support is near the $3,075 zone. The
main support is near the $3,030 level. A clear move below the
$3,030 support might set the pace for more losses and send the
price toward $2,880. Any more losses might send the price toward
the $2,750 level in the near term. Technical Indicators Hourly MACD
– The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major
Support Level – $3,125 Major Resistance Level – $3,200
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