Cryptocurrency market uncertainty has had a significant impact on the value of Ethereum, with the digital currency testing the critical support level of $2,940. This development is causing concern among investors, who are now closely monitoring ETH for any further price movements.
Ethereum recently dropped below the $3,000 level, following the downward trend in Bitcoin and other cryptocurrencies. It is currently trading below $3,050 and the 100-hour Simple Moving Average, indicating the pressure of market uncertainty on Ethereum.
In the ETH/USD hourly chart, there is a noticeable downward trend below the $2,980 resistance level. This suggests that Ethereum is facing a challenging period and its price is struggling to reach desired levels.
The main resistance level for Ethereum at the moment is $3,010, but the critical resistance lies at $3,030. If Ethereum manages to surpass this level, it could create positive momentum and push the price upwards.
However, if Ethereum fails to break the $3,030 resistance, it could enter a downward trend. The first support level on the downside is around $2,965, but a further retreat to the $2,940 region is possible.
If Ethereum continues to decline, the next support level is set at $2,880. Falling below this level could lead to a clear downward trend, potentially pulling Ethereum down to the $2,720 and even $2,650 levels in the near term.
Technical analysis also supports these concerns, with Ethereum’s MACD indicator losing momentum in the bearish zone and the RSI indicator trending below the 50 level. These indicators indicate that Ethereum’s current situation is not favorable.
For investors, it is important to closely monitor the main support level of $2,940. If Ethereum falls below this level, further price declines could occur. Additionally, keeping an eye on the main resistance level of $3,030 is crucial, as overcoming this level could signal a potential price rise.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
