Ethereum Price Reclaims 100 SMA But Bulls Still Lack Strength To Clear Hurdles
06 Maggio 2024 - 6:43AM
NEWSBTC
Ethereum price started a recovery wave above the $3,000 zone. ETH
is now above the 100-hourly simple moving average and facing
hurdles. Ethereum found support at $2,820 and started a recovery
wave. The price is trading above $3,100 and the 100-hourly Simple
Moving Average. There is a key bullish trend line forming with
support at $3,110 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could gain bullish momentum if it clears the
$3,165 resistance zone. Ethereum Price Holds Ground Ethereum price
remained stable and started a recovery wave above the $3,000 level,
like Bitcoin. ETH was able to clear the $3,050 and $3,120
resistance levels. However, the bears were active near the $3,165
resistance zone. A high was formed at $3,168 and the price started
a downside correction. There was a minor move below the $3,150
level. The price is now stable above the 23.6% Fib retracement
level of the upward move from the $2,813 swing low to the $3,168
high. Ethereum is also above $3,100 and the 100-hourly Simple
Moving Average. Besides, there is a key bullish trend line forming
with support at $3,110 on the hourly chart of ETH/USD. Source:
ETHUSD on TradingView.com Immediate resistance is near the $3,165
level. The first major resistance is near the $3,200 level. The
next key resistance sits at $3,250, above which the price might
gain traction and rise toward the $3,350 level. If the bulls remain
in action and push the price above $3,350, there could be a drift
toward the $3,500 resistance. Any more gains could send Ether
toward the $3,620 resistance zone. Another Decline In ETH? If
Ethereum fails to clear the $3,165 resistance, it could start
another decline. Initial support on the downside is near the $3,100
level and the trend line. The first major support is near the
$3,000 zone or the 50% Fib retracement level of the upward move
from the $2,813 swing low to the $3,168 high. The main support is
near the $2,940 level. A clear move below the $2,940 support might
push the price toward $2,820. Any more losses might send the price
toward the $2,650 level in the near term. Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the
bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50
level. Major Support Level – $3,000 Major Resistance Level – $3,165
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