The recent surge in cryptocurrencies has had an impact on Ethereum as well. In its latest rally, ETH managed to surpass the significant resistance level of $3,200. However, a subsequent pullback occurred. As of now, Ethereum is trading at $3,060, indicating a move towards a critical support level. What are the key levels to keep an eye on for ETH today?
Important Obstacles in Ethereum’s Price
Before the bears took over, Ethereum managed to surpass the levels of $3,150 and $3,200. Nevertheless, the price fell below $3,120, causing investors to anticipate a further decline.
Ethereum’s price rose above the $3,150 and $3,200 levels, testing the resistance area at $3,220. However, it reached a peak at $3,217 and started a downward correction. This correction continued as the price dropped below $3,150, breaking the support level at $3,120. Analyzing the hourly chart, there is a break below the major bullish trend line at the $3,120 support level. This increased bearish control and contributed to pushing the price to lower levels.
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Currently, the immediate resistance level for Ethereum stands at $3,050. However, if the bulls regain control and push the price above $3,220, further gains could be achieved, potentially leading Ethereum towards the resistance area at $3,500.
Potential Declines in Ethereum’s Price Could Take it Below $3,000
In the realm of altcoins, if Ethereum fails to surpass the resistance level at $3,120, it could experience another downtrend. At present, the initial support in the ETH/USD pair is around $3,025. However, a break below this level could push the price even lower.
Specifically, the crucial support area at $2,950 is of utmost importance. If this support level is breached, the price is likely to decline towards $2,820. In such a scenario, further losses could potentially bring ETH down to $2,650 in the short term.
Technical indicators also support the possibility of a downward trend. The hourly MACD metric is losing momentum in the bullish zone for ETH/USD. Similarly, the hourly RSI (Relative Strength Index) is currently below the 50 level, indicating an increase in selling pressure.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
