Ethereum is under heavy selling pressure, struggling to stay above critical resistance levels.
From the latest reaction in Ethereum’s price, selling pressure is evident with further resistance. After recently failing to hit the level of $3,450, the cryptocurrency continued to move along a bearish trajectory. It might test out the support of $3,000 if the downtrend persists. Let’s take a deeper look into the analysis of the price movements of Ethereum and what could come up.
Ethereum Price Extend Losses
The fall was restarted in Ethereum as it could not break above the $3,450 resistance zone. It has been dragged below key support levels like $3,400 and has continued to fall.
1. Failed Recovery Initiation: ETH could not start a recovery wave above $3,500. It is now below the $3,400 level and the 100-hourly Simple Moving Average, which reflects additional bearish strength.
2. Bearish Trend Line: On the hourly chart of ETH/USD, a bearish trend line has been established with resistance at the $3,340 level. This resistance level could become a significant obstacle to any further upward movement.
Key Resistance Levels to Watch
The price of ETH is faced with several resistance levels that will decide whether it reverses its decline or continues further downward:
1. Resistance At $3,350: The first major resistance is at $3,350. Ethereum has struggled to break above this level. A breakout above this level would likely open up the way for further price movement upwards.
2. Major Resistance at $3,500: The first major resistance stands at $3,500. Any decent reversal for Ethereum needs to overcome this hurdle. Success there may set sights on targets like $3,550 or higher toward $3,650 and $3,720 in the near term.
Ethereum Price at Risk: Could $3K Be Tested Soon?
Ethereum’s recent price action suggests it is facing increasing pressure, with the potential for a further decline if it remains below key resistance levels. The cryptocurrency, which recently struggled to break through $3,450, is now navigating a downward path and could test the $3,000 support level if the bearish trend continues. Let’s dive deeper into the analysis of Ethereum’s price movements and what might lie ahead.
Ethereum Price Extend Losses
ETH began a fresh decline after failing to push past the $3,450 resistance zone. The price dropped below key support levels, including $3,400, and has continued to face downward pressure.
- Failed Recovery Attempts: ETH was unable to start a recovery wave above $3,500, leading to further losses. It has now settled below the $3,400 mark and the 100-hourly Simple Moving Average (SMA), signaling ongoing bearish momentum.
- Formation of Bearish Trend Line: A bearish trend line has formed on the hourly chart of ETH/USD with resistance at the $3,340 level. This trend line could serve as a significant hurdle for any potential upward movement.
Key Resistance Levels to Watch
Ethereum’s price faces several resistance levels that may determine whether it can reverse its decline or continue downward:
- Resistance Near $3,350: The first major resistance is at $3,350, where ETH has already faced difficulties moving past. A break above this level could pave the way for further price action upward.
- Major Resistance at $3,500: The primary resistance now lies at $3,500. ETH would need to clear this threshold for any meaningful recovery. If successful, the next targets could be around $3,550 or even higher, towards $3,650 and $3,720 in the near term.
Ethereum Faces Risk of Further Decline
In case ETH cannot push above $3,400, it exposes more risks to further losses. Some of the downside risks include the following:
1. Major Support Level: $3,280- In case of the first major break below the Ethereum price at the level of $3,280, then a further sharp downslide would follow.
2. Critical Support Level: $3,220-In case the price of Ethereum is unable to stay above $3,280, the critical support level is available at $3,220. Any clear break below $3,220 would give a much higher acceleration in the slide.
3. Potential Test of $3,000: It will test a support level at $3,000 if it continues to sell. This could be a good support area where the present price will most likely consolidate or possibly go lower.
Technical Indicators to Watch
There are so many technical indicators showing that Ethereum has been under sell pressure:
- MACD: The MACD line of the ETH/USD is gaining speed in the negative area and has now become clean of the downtrend.
- RSI: Ethereum’s RSI is in the zone below 50, which gives strength to the bearish view.
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Conclusion: Ethereum is at a critical point. If it fails to breach the resistance at $3,400, then it is likely to head down to the next support area. The following supports would be critical levels for ETH to hold on. Those would include $3,250 and then $3,220. Hugely it would drop there after. As for the $3,000 support level on Ethereum, there’s a lower potential that the price is going further to below $3,220. If Ethereum could push through those resistances of around $3,350 to $3,500, they can look for recovery going toward $3,550, and more.
Keep a close eye on market conditions due to how these can quickly swing around, while investors are urged to observe Ethereum price action for estimating the risk as well as an opportunity for a couple of coming days.
Also Read: PEPE Coin Whale Dumps $8.45M, Price Drops 11% – What’s Behind The Fall?
