Ethereum’s price is facing a crucial test as it attempts to recover above the $3,125 zone. To continue its upward momentum, ETH needs to successfully surpass the resistance level at $3,200 in the near future.
The recent dip in Ethereum’s price led it to test the support zone at $3,075. Currently, the price is trading below $3,180 and the 100-hourly Simple Moving Average. However, there is hope for a potential recovery as a key rising channel is forming with support at $3,140 on the hourly chart of ETH/USD.
Although there was a minor increase above the $3,125 resistance, the bears remain active near the $3,200 resistance zone. Immediate resistance can be found near $3,180 and the 100-hourly Simple Moving Average. The first major resistance lies at $3,200, followed by $3,240, $3,280, and $3,350. Breaking through these levels could lead Ethereum’s price to test the $3,500 and $3,550 resistance zones.
However, if the $3,180 resistance is not cleared, Ethereum could continue to experience downward movement. The initial support level is near $3,125, with the main support resting at $3,030. Breaking below $3,030 might trigger further losses, potentially sending the price towards $2,880 and even $2,750 in the near term.
Regarding technical indicators, the MACD for ETH/USD is currently losing momentum in the bearish zone, while the RSI is below the 50 level.
It is important to note that this article is provided solely for educational purposes and does not constitute financial advice. It is recommended to conduct thorough research and consider potential risks before making any investment decisions.