Ethereum Price Uptrend To Restart? These Could Be Hurdles To Watch
April 02 2024 - 11:54PM
NEWSBTC
Ethereum price extended its decline below the $3,320 support zone.
ETH is now consolidating and might start a fresh increase if it
clears $3,320. Ethereum remained in a bearish zone and traded below
the $3,320 support zone. The price is trading below $3,400 and the
100-hourly Simple Moving Average. There is a major bearish trend
line forming with resistance near $3,320 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could gain bullish
momentum if it settles above the $3,320 resistance zone. Ethereum
Price Faces Resistance Ethereum price remained in a bearish zone
below on the hourly timeframe below the $3,500 level. ETH extended
its decline below the $3,320 support level, like Bitcoin. It even
spiked below $3,220. A low was formed at $3,215 and the price is
now attempting a recovery wave. There was a move above the $3,250
level. It tested the 23.6% Fib retracement level of the downward
wave from the $3,655 swing high to the $3,215 low. Ethereum is now
trading below $3,400 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $3,320 level. There is also a
major bearish trend line forming with resistance near $3,320 on the
hourly chart of ETH/USD. The first major resistance is near the
$3,350 level. The next key resistance sits at $3,440 or the 50% Fib
retracement level of the downward wave from the $3,655 swing high
to the $3,215 low, above which the price might test the $3,500
level. Source: ETHUSD on TradingView.com The next key resistance is
seen near the $3,550 level, above which Ether could gain bullish
momentum. In the stated case, the price could rise toward the
$3,680 hurdle. If there is a move above the $3,680 resistance,
Ethereum could even climb toward the $3,780 resistance. Any more
gains might call for a test of $3,850. Another Rejection In ETH? If
Ethereum fails to clear the $3,320 resistance, it could continue to
move down. Initial support on the downside is near the $3,250
level. The first major support is near the $3,220 zone. The next
key support could be the $3,120 zone. A clear move below the $3,120
support might send the price toward $3,040. Any more losses might
send the price toward the $3,000 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 below the 50 level. Major
Support Level – $3,220 Major Resistance Level – $3,320
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