In the midst of a period of stagnation, the price of Ethereum has once again begun to plummet. Following a similar trend to Bitcoin, ETH has fallen below $3,120 and is approaching the $3,000 mark. If it breaks below the critical support level of $2,850, the downward trend may continue. However, the challenges faced by Ethereum during these difficult times extend beyond support levels.
Taking a closer look at the charts, it is evident that there is a clear downward trend line on the hourly charts, indicating a movement from higher levels to lower levels. It is worth noting, however, that the current price position is facing resistance around $3,020.
Looking ahead, there are key resistance levels that Ethereum needs to overcome. Specifically, a rise above the $3,185 level could indicate a potential uptrend. In such a scenario, the $3,250 resistance level could become an important target for Ethereum.
Ethereum (ETH) has been grappling with uncertainties recently and warns of further downward movements if it fails to surpass the resistance level of $3,120.
Currently, the ETH/USD pair is continuing its downward movement, with the first support level near $2,940 and close to the channel area. However, there is a stronger support level around the $2,850 region. The main support level lies around $2,800. A significant drop below this level could push Ethereum’s price towards $2,650, and even lower to around $2,540.
Technical indicators paint a bleak picture for ETH/USD. The hourly MACD is gaining momentum in the bearish zone, indicating a possible downward trend. Similarly, the hourly RSI is currently below the 50 level, suggesting increased selling pressure.
At this point, there are critical levels that investors should keep an eye on. Firstly, the support level of $2,940 could play a crucial role. A breach of this level may result in further downward pressure. On the other hand, a break above the resistance level of $3,120 could be a positive sign for the bulls and may indicate a potential price increase.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
