Ethereum Price Struggles to Clear Resistance, Consolidates Above $3,100 Support
Ethereum Price Struggles to Clear Resistance, Consolidates Above $3,100 Support
In the world of cryptocurrency, Ethereum has been facing challenges as its price failed to clear the $3,280 resistance zone. The popular digital currency declined below the $3,200 support level and is now consolidating losses above $3,100.
Ethereum encountered difficulties in surpassing the $3,250 and $3,280 resistance levels, leading to a fresh decline in its price. The cryptocurrency is currently trading below $3,200 and the 100-hourly Simple Moving Average, indicating a short-term bearish trend.
A significant development was the break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD. The pair even dropped below $3,150 and tested the $3,100 support level before forming a low at $3,105. Ethereum is now in a phase of consolidating its losses as it navigates the volatile market.
Looking ahead, Ethereum faces immediate resistance near the $3,180 level and the 100-hourly Simple Moving Average. The next major resistance is at $3,200, followed by the $3,220 level. A successful break above these resistance levels could pave the way for a potential rally towards $3,250 and $3,280.
On the flip side, if Ethereum fails to clear the $3,200 resistance, it could continue its downward trajectory. Initial support is seen near $3,120, with a crucial support level at $3,100. Further downside movement could lead to a test of the $3,030 support level, with the possibility of reaching $2,850 in the near term.
In terms of technical indicators, the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is below the 50 level, indicating a potential further downside movement.
Overall, Ethereum’s price action is closely watched by investors and traders as it navigates through key resistance and support levels. The cryptocurrency market remains highly volatile, and any significant developments could impact Ethereum’s price movement in the coming days. Stay tuned for more updates on Ethereum’s price performance.
