Cryptocurrency market observers are closely monitoring the movements of Ethereum. The price of Ethereum has initiated a strong recovery wave above the $3,000 level, giving hope to investors. However, there is curiosity about how long this upward trend will last and what levels it can reach.
Ethereum Surpasses $3,100
According to recent data, Ethereum found support at the $2,820 level and has since experienced a strong recovery. Currently, the price is trading above $3,100 and is also above the 100-hour Simple Moving Average, indicating that bulls have taken control of the market.
Looking at the four-hour chart, there is a significant upward trend line identified at the $3,110 level. This indicates that Ethereum is in an upward trend and may gain potential momentum. However, there are a few resistance levels to watch out for at this point.
Critical Resistance Ahead for ETH
In particular, the $3,165 resistance zone stands as a critical barrier for Ethereum. Currently, the price trading near this level indicates that bears are still active in the market. However, if the bulls continue to show strength and manage to surpass this resistance zone, they may gain momentum.
The first major resistance level is around $3,200, and breaking above this level would be a significant achievement for the bulls. Next, the $3,250 level emerges as the next critical resistance, and surpassing this level could drive the price even higher.
Is the Next Destination for ETH a Drop?
Failure to break the critical resistance for Ethereum could result in price declines. Currently, the first support level is around $3,100 and the trend line. However, in a more severe downside scenario, it is important to pay attention to the $3,000 region and the main support level at $2,940. A clear break below this level could push the price towards $2,820 and further losses could bring the price down to $2,650 in the short term.
Looking at technical indicators, the four-hour MACD for ETH/USD is losing momentum in the bullish zone, and the four-hour RSI is currently above the 50 level. These indicators highlight the market’s uncertainty and point to recent fluctuations.
There is uncertainty in the Ethereum market in the short term. Breaking the $3,165 resistance level or breaking the main support level at $2,940 will be important factors in determining the direction of ETH in the coming days. The key support for ETH is $3,000, while the key resistance is $3,165.
Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
