Bitcoin’s decline below $63,000 continues to impact the price of Ethereum. Recently, Ethereum encountered resistance at $3,220 and started to correct the momentum it had gained. Currently, if it can surpass resistance levels at $3,055 and $3,080, it could indicate a new upward movement.
Ethereum has been significantly affected by the recent downtrend. The price has dropped below $3,100 and is trading below the 100-hour Simple Moving Average. On the hourly chart of ETH/USD, there is a clear downtrend line indicating resistance below $3,000.
In its current state, it is crucial for Ethereum to stay above the important support level of $3,000. However, the price has tested this support and pulled back to around $3,000. At the moment, the price is consolidating around $3,005.
For a potential upward movement, ETH needs to overcome the resistance at $3,080. If it can surpass these resistance levels and establish a clear move above $3,200, it is expected to rise and test the $3,350 resistance. In this scenario, Ethereum could progress towards the $3,500 resistance zone.
The recent price fluctuations raise the possibility of a downturn in Ethereum’s price. What would happen if Ethereum fails to surpass the $3,055 resistance level?
Ethereum’s MACD is losing momentum in the bearish zone, indicating a potential corrective movement in the price. Similarly, the hourly RSI is below the 50 level, suggesting increased selling pressure.
Currently, the first support level for Ethereum is around $3,000. If this level is breached, the price is expected to fall to the $2,950 area. The next critical support point is at $2,920. If this support breaks, Ethereum’s price could drop to $2,840. In a more negative scenario, the price could decline further to $2,720.
However, it is important to consider the resistance levels Ethereum faces with each downtrend. Currently, the main resistance level is set at $3,080. If the price can surpass this level, ETH could initiate a rise to higher levels.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
