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Bitcoin’s drop below $63,000 continues to impact Ethereum’s price. Recently, Ethereum faced resistance at $3,220, and began correcting the momentum gained. Currently, surpassing resistance levels at $3,055 and $3,080 could signal a new increase.
Ethereum in a Downtrend
The recent downtrend has significantly affected Ethereum. The price has fallen below $3,100 and is trading under the 100-hour Simple Moving Average. A clear downtrend line on the hourly chart of ETH/USD indicates resistance below $3,000.
In Ethereum’s current state, it is crucial to stay above the significant support level of $3,000. However, the price has tested this support and retreated to around $3,000. Currently, the price is showing consolidation movements around $3,005.
For an upward movement, ETH needs to overcome the resistance at $3,080. If Ethereum can surpass these resistance levels and secure a clear move above $3,200, it is expected to rise and test the $3,350 resistance. In this scenario, Ethereum’s progression towards the $3,500 resistance zone is likely.
Key Supports for ETH
Recent price fluctuations bring up the possibility of a downturn in Ethereum’s price. What scenarios could we face if Ethereum fails to surpass the $3,055 resistance level?
Ethereum’s MACD is losing momentum in the bearish zone. This indicates a potential corrective movement in the price. Similarly, the hourly RSI is below the 50 level, suggesting increased selling pressure.
Currently, Ethereum’s first support level is around $3,000. If this level is breached, the price is expected to fall to the $2,950 area. Subsequently, the $2,920 level emerges as the next critical support point. If this support breaks, Ethereum’s price could drop to $2,840. In a more negative scenario, the price could further decline to $2,720.
However, with each downtrend, it is also necessary to consider the resistance levels Ethereum faces. Currently, the main resistance level is set at $3,080. If the price can surpass this level, ETH could initiate a rise to higher levels.
