The surge in cryptocurrencies has had an impact on Ethereum as well. ETH broke through the $3,200 resistance during its recent increase, but experienced a pullback afterwards. As of now, Ethereum is trading at $3,060, approaching a critical support level. What are the key levels to keep an eye on for ETH today?
Key Obstacles in Ethereum’s Price
Prior to the emergence of bears, Ethereum managed to surpass the $3,150 and $3,200 levels. However, the price dropped below $3,120, causing investors to anticipate a potential further decline.
Ethereum’s price climbed above the $3,150 and $3,200 levels, testing the $3,220 resistance zone. However, the peak was reached at $3,217, leading to a downward correction. This correction continued as the price fell below $3,150, breaching the $3,120 support. Upon examining the hourly chart, it is evident that there was a break below the significant bullish trend line at the $3,120 support. This increased the dominance of bears and contributed to further downward movement in price.
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Currently, the immediate resistance level for Ethereum is at $3,050. However, if bulls regain control and push the price above $3,220, further gains could be achieved, potentially leading Ethereum towards the $3,500 resistance zone.
Potential Declines for Ethereum
In the realm of altcoins, Ethereum’s failure to surpass the $3,120 resistance level could result in another downtrend. Currently, the initial support in the ETH/USD pair is around $3,025. However, a break below this level could drive the price even lower.
Specifically, the crucial support area at $2,950 holds significant importance. If this support is breached, the price is likely to decline towards $2,820. Under such circumstances, further losses could potentially bring ETH down to $2,650 in the short term.
Technical indicators also support the possibility of a downward trend. The hourly MACD metric is losing momentum in the bullish zone for ETH/USD. Similarly, the hourly RSI (Relative Strength Index) is currently below the 50 level, indicating increased selling pressure.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies, and should conduct their own research.
