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

    Source Newsbtc
    Apr 26, 2024 02:55

    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

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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