Continued activity can be observed in the cryptocurrency market. Ethereum (ETH), the leader of altcoins, has recently experienced a downward correction from the $3,150 resistance level. Nevertheless, despite this correction, ETH remains resilient and shows potential for future growth.
Ethereum has managed to maintain its position above the $3,000 level throughout the past week, indicating that the bulls are currently in control. The fact that it is trading above the $3,050 level suggests that ETH is undergoing a healthy correction process. Although there was a brief decline after reaching a new weekly peak of $3,144, the bears intervened around $3,150. For the latest financial and business news, visit COINTURK FINANCE.
It is important to note that Ethereum is currently trading near the $3,120 level. The immediate resistance for ETH is at $3,080, and there is also a connecting downtrend line at this level on the hourly chart of ETH/USD. A sustained move above this line could potentially lead to a retest of the $3,150 level.
If ETH manages to surpass the $3,150 level, it could gain new upward momentum and potentially reach higher levels. The bulls remaining strong at this critical level could create a positive market sentiment. The next key resistance is at $3,200, and if this level is broken, the price could rise towards $3,250. A clear move above $3,250 could result in a test of the $3,320 resistance.
Investors should pay attention to certain levels for Ethereum. The initial support level is around $3,065, which could limit short-term declines. However, if this support level is breached, the next major support area to watch is $3,000. If the price falls below this critical level, it may risk dropping to $2,980, and if it fails to hold there, Ethereum could retreat to levels around $2,860.
Technical indicators provide insights into the current state of Ethereum. The MACD (Moving Average Convergence Divergence) on the hourly chart shows weakening upward momentum and increasing selling pressure, indicating investor uncertainty about the sustainability of current price levels.
Additionally, the hourly RSI (Relative Strength Index) is currently below the 50 level. An RSI value below 50 suggests that the market is generally under selling pressure and the price is trending downward, which raises concerns among investors.
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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.
