Ethereum Price Recovery At Risk? Analyzing Key Obstacles To Fresh Upside
In the current market conditions, there are several challenges that Ethereum (ETH) could face in its potential price recovery. With the price struggling to surpass the $3,200 resistance level and trading below the 100-hourly Simple Moving Average, the outlook remains uncertain.
One significant development is the breach of a bullish trend line at $3,100 on the hourly chart of ETH/USD, as reported by data feed via Kraken. This break, coupled with the inability to remain above the $3,200 level, suggests that Ethereum may experience a bearish momentum.
Although Ethereum briefly surpassed the $3,000 resistance zone and even reached $3,278, it subsequently encountered resistance near the $3,280 level, similar to Bitcoin. As a result, the price witnessed a decline, falling below the aforementioned support zone.
Further downward momentum could materialize if Ethereum fails to maintain the $3,000 support zone. In such a scenario, the initial support is anticipated to be near the $2,900 level, followed by the crucial support at the $2,820 zone.
To regain positive momentum, Ethereum must overcome the immediate resistance at $3,200. Subsequently, the major resistance levels to watch out for are $3,250 and $3,280. A successful breach of these levels could potentially push Ethereum towards $3,350, with the key resistance mark at $3,500.
It is important to note that these forecasts are subject to market fluctuations and should not be considered as financial advice. Traders and investors are encouraged to conduct thorough research and exercise caution when making investment decisions.