Ethereum’s price has seen an upward trend, breaking above the $3,120 zone. However, it faced resistance at $3,220 and is now seeing some gains being trimmed.
Key Points:
– Ethereum surpassed levels of $3,150 and $3,200 before encountering selling pressure.
– The price is currently below $3,120 and the 100-hourly Simple Moving Average.
– A major bullish trend line with support at $3,120 was breached, leading to a correction.
Looking ahead:
– In order to resume its upward movement, Ethereum must hold above the $3,020 support level and target $3,220 once again.
Recent Price Movement:
– After testing the $3,220 resistance, Ethereum witnessed a downside correction.
– The price dropped below $3,150 and $3,120 levels, with a low near $3,025.
– Currently consolidating losses, Ethereum is below $3,120 and the 100-hourly Simple Moving Average.
Resistance and Support Levels:
– Immediate resistance is at $3,070, followed by major resistance at $3,120 and $3,170.
– On the downside, support levels are around $3,020, $3,000, and $2,950.
What to Watch For:
– Failure to break past the $3,120 resistance may lead to another decline.
– Key technical indicators, like the MACD and RSI, suggest a potential shift in momentum.
Conclusion:
– Ethereum’s price action is critical for traders and investors. Conduct thorough research before making any investment decisions, as crypto markets carry inherent risks.
Stay informed and stay ahead in the dynamic world of cryptocurrencies and NFTs.
