Cryptocurrency market recently shows Ethereum‘s dependency on Bitcoin. Ethereum awaits an upward breakout above $2,900. However, certain levels must be surpassed for this rise.
Ethereum Price Below $3,000
Ethereum has recently formed a solid base above the $2,860 support area. However, the price is still trading below $2,950, indicating that bulls are struggling to control ETH. There is a significant downtrend line resistance at $2,905 on the hourly chart of the ETH/USD pair. Therefore, a close above the $2,940 and $2,950 resistance levels could provide positive momentum for Ethereum.
This movement in Ethereum’s price attracts investors‘ attention. However, certain resistance levels need to be surpassed for ETH to rise further. The immediate resistance is near the $2,910 level.
In the case of an upward breakout, the price is expected to move towards the $2,925 level. However, the first major resistance is at the $2,940 level. Surpassing this level could allow Ethereum to rise towards the $3,000 level. At this point, if the price makes a clear move above the $3,000 level, the $3,050 resistance could be tested.
Challenging Process Shows Itself
ETH price shows a downward trend as it failed to surpass the $2,925 resistance in recent days. If this resistance level cannot be surpassed, a new downward wave could start for the cryptocurrency. Currently, the first support for the ETH/USD pair is near the $2,880 level. However, in the case of a larger decline, stronger support is expected around the $2,860 area.
Examining the charts, the next major support level for ETH is around $2,860. A break below this level could push the price further down towards the $2,810 level. Therefore, a clear move below the $2,810 support could indicate more losses for ETH and push the price towards the $2,740 level. In this case, a price target of $2,650 could be considered in the near term.
What Do Technical Indicators Say?
Looking at the technical indicators, the four-hour MACD is losing momentum in the bearish zone for ETH/USD. Additionally, the four-hour RSI is currently below the 50 level. This indicates that the selling pressure might continue.
The $2,860 support level needs to be closely monitored as a decisive level in the market. If this support breaks, the solidity of the next main support level at $2,810 will become important. On the other hand, if the price surpasses the $2,925 resistance, a renewed upward trend could start for ETH.
