Ethereum Price Could Rally If It’s Able To Reclaims The 100 SMA
03 Maio 2024 - 1:24AM
NEWSBTC
Ethereum price started a recovery wave from the $2,820 zone. ETH is
rising and now facing a major hurdle near the 100-hourly simple
moving average. Ethereum found support at $2,820 and started a
recovery wave. The price is trading below $3,050 and the 100-hourly
Simple Moving Average. There was a break above a key bearish trend
line with resistance at $3,000 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could start a fresh decline if it fails
to clear the $3,050 resistance. Ethereum Price Faces Key Hurdle
Ethereum price extended losses below the $3,000 level, like
Bitcoin. ETH even tested the $2,820 support zone. A low was formed
at $2,813 and the price started a recovery wave. There was a decent
move above the $2,880 and $2,950 resistance levels. The price
cleared the 23.6% Fib retracement level of the downward move from
the $3,355 swing high to the $2,813 low. Besides, there was a break
above a key bearish trend line with resistance at $3,000 on the
hourly chart of ETH/USD. However, the bears are active near the
100-hourly Simple Moving Average. Ethereum is now trading below
$3,030 and the 100-hourly Simple Moving Average. Immediate
resistance is near the $3,030 level. The first major resistance is
near the $3,050 level. The next key resistance sits at $3,085 or
the 50% Fib retracement level of the downward move from the $3,355
swing high to the $2,813 low, above which the price might gain
traction and rise toward the $3,150 level. Source: ETHUSD on
TradingView.com If the bulls remain in action and push the price
above $3,150, there could be a drift toward the $3,250 resistance.
Any more gains could send Ether toward the $3,350 resistance zone.
Another Decline In ETH? If Ethereum fails to clear the $3,050
resistance, it could start another decline. Initial support on the
downside is near the $2,940 level. The first major support is near
the $2,880 zone. The main support is near the $2,820 level. A clear
move below the $2,820 support might push the price toward $2,740.
Any more losses might send the price toward the $2,650 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 above the 50 level. Major Support Level – $2,940
Major Resistance Level – $3,050
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