Bitcoin’s decline below $63,000 continues to have an impact on Ethereum’s price. Recently, Ethereum encountered resistance at $3,220 and began to correct the momentum it had gained. Currently, if it can surpass resistance levels at $3,055 and $3,080, it may indicate a new increase.
Ethereum has been significantly affected by the recent downtrend. Its price has dropped below $3,100 and is trading below the 100-hour Simple Moving Average. On the hourly chart of ETH/USD, there is a clear downtrend line indicating resistance below $3,000.
To maintain its current state, Ethereum needs to stay above the important support level of $3,000. However, the price has tested this support and fallen back to around $3,000. At present, the price is consolidating around $3,005.
For an upward movement, ETH must overcome the resistance at $3,080. If it can surpass these resistance levels and make a clear move above $3,200, it is expected to rise and test the $3,350 resistance. In this scenario, Ethereum may progress towards the $3,500 resistance zone.
The recent price fluctuations raise the possibility of a downturn in Ethereum’s price. If it fails to surpass the $3,055 resistance level, what scenarios could we face? The MACD for Ethereum is losing momentum in the bearish zone, indicating a potential corrective movement in the price. Similarly, the hourly RSI is below the 50 level, suggesting increased selling pressure.
Currently, the first support level for Ethereum is around $3,000. If this level is breached, the price is expected to fall to the $2,950 area. Subsequently, the $2,920 level becomes the next critical support point. If this support breaks, Ethereum’s price could drop to $2,840. In a more negative scenario, the price could further decline to $2,720.
However, it is also important to consider the resistance levels that Ethereum faces with each downtrend. Currently, the main resistance level is set at $3,080. If the price can surpass this level, ETH could start to rise to higher levels.
Please note that the information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
