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?
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.
