Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?

NewsBTC
Updated Apr 26, 2024 05:55
Mitrade

Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term.


■  Ethereum extended losses and tested the $3,075 support zone.

■  The price is trading below $3,180 and the 100-hourly Simple Moving Average.

■  There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).

■  The pair could continue to move down if it trades below the $3,125 support.


Ethereum Price Faces Resistance


Ethereum price struggled to recover and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like Bitcoin.


There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.


Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average.


The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low.

Ethereum Price

Source: ETHUSD on TradingView.com


The next key resistance sits at $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone.


More Downsides In ETH?


If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone.


The main support is near the $3,030 level. A clear move below the $3,030 support might set the pace for more losses and send the price toward $2,880. Any more losses might send the price toward the $2,750 level in the near term.


Technical Indicators


Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.


Hourly RSIThe RSI for ETH/USD is now below the 50 level.


Major Support Level – $3,125


Major Resistance Level – $3,200

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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