Ethereum Price Reclaims $3K But Can ETH Continue Higher?
April 15 2024 - 12:27AM
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Ethereum price dived over 10% before the bulls appeared near
$2,550. ETH is back above $3,000 and now faces many hurdles near
$3,200. Ethereum is attempting a recovery wave from the $2,550
support zone. The price is trading below $3,250 and the 100-hourly
Simple Moving Average. There is a rising channel forming with
resistance at $3,200 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could gain bullish momentum if it stays above the
$3,000 support zone. Ethereum Price Eyes Recovery Wave Ethereum
price started a major decline from the $3,550 resistance. ETH
declined over 10% and traded below the $3,000 support. It even
spiked below $2,750 and tested $2,550. A low was formed near $2,537
and the price is now attempting a recovery wave, like Bitcoin. The
price climbed above the $2,800 and $3,000 resistance levels. It
even surpassed the 50% Fib retracement level of the downward move
from the $3,615 swing high to the $2,537 low. Ethereum is now
trading below $3,250 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,200 level or the 61.8% Fib
retracement level of the downward move from the $3,615 swing high
to the $2,537 low. There is also a rising channel forming with
resistance at $3,200 on the hourly chart of ETH/USD. Source: ETHUSD
on TradingView.com The first major resistance is near the $3,250
level. The next key resistance sits at $3,300, above which the
price might test the $3,360 level. The key hurdle could be $3,500,
above which Ether could gain bullish momentum. In the stated case,
the price could rise toward the $3,620 zone. If there is a move
above the $3,620 resistance, Ethereum could even rise toward the
$3,750 resistance. Another Decline In ETH? If Ethereum fails to
clear the $3,250 resistance, it could start another decline.
Initial support on the downside is near the $3,080 level. The first
major support is near the $3,000 zone. The next key support could
be the $2,880 zone. A clear move below the $2,880 support might
send the price toward $2,750. Any more losses might send the price
toward the $2,550 level. Technical Indicators Hourly MACD – The
MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI
– The RSI for ETH/USD is now above the 50 level. Major Support
Level – $3,000 Major Resistance Level – $3,250
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