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COINTURK NEWS > Ethereum (ETH) > Ethereum Faces Key Price Levels and Potential Declines
Ethereum (ETH)

Ethereum Faces Key Price Levels and Potential Declines

In Brief

  • Ethereum recently surpassed the $3,200 resistance but then retracted.

  • Current resistance for Ethereum is forming at the $3,050 level.

  • Failure to hold key supports could lead to prices dropping below $3,000.

COINTURK NEWS
COINTURK NEWS 1 year ago
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The recent rise in cryptocurrencies has also affected Ethereum. ETH surpassed the $3,200 resistance in its last increase. However, a retraction occurred thereafter. At the time of writing, Ethereum was trading at $3,060, which signifies an approach towards critical support. What are the critical levels to watch for ETH today?

Contents
Critical Hurdles in Ethereum’s PriceDeclines for Ethereum Could Bring Prices Below $3,000

Critical Hurdles in Ethereum’s Price

Before bears emerged, Ethereum had climbed above the $3,150 and $3,200 levels. However, the price dropped below $3,120, creating a perception among investors of a potential further decline.

Ethereum’s price climbed above the $3,150 and $3,200 levels, testing the $3,220 resistance area. However, the peak formed at $3,217, and the price initiated a downward correction. This correction continued with a move below $3,150, pulling the price under the $3,120 support. Looking at the hourly chart, there is a break below the major bullish trend line at the $3,120 support. This increased bear control and helped push the price to lower levels.

Currently, the immediate resistance level for Ethereum is at $3,050. However, if bulls regain control and push the price above $3,220, further gains could be realized, and Ethereum could move towards the $3,500 resistance area.

Declines for Ethereum Could Bring Prices Below $3,000

In the world of altcoins, Ethereum’s failure to surpass the $3,120 resistance level could lead to another downtrend. Currently, the first support in the ETH/USD pair is around $3,025. However, a break below this level could pull the price further down.

Particularly, the main support area at $2,950 is of critical importance. If this support is broken, the price is likely to drop towards $2,820. In this case, further losses could potentially bring ETH down to $2,650 in the short term.

Technical indicators also support this potential 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 increased selling pressure.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 7 May, 2024 - 8:41 am 7 May, 2024 - 8:41 am
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