Cryptocurrency Ethereum has started a recovery wave from the $2820 support zone, but faces significant hurdles. Along with other cryptocurrencies like Bitcoin, ETH has extended its losses below the $3000 level. The leading altcoin Ethereum even tested the $2820 support zone, with the lowest level around $2813, immediately followed by a recovery wave.
Altcoin ETH Price Faces Resistance
The price moving above the $2880 and $2950 resistance levels was recorded as a positive step. However, a significant breakout related to the $3000 resistance level occurred on the hourly chart of the ETH/USD pair.
However, the bears are not yet giving up. Ethereum is currently trading below $3030 and is near the 100-hour Simple Moving Average. Immediate resistance is seen around $3030, with the first major resistance at about $3050.
The next key resistance is at the $3085 level. It is anticipated that if the price moves above this level, it could gain interest and rise to the $3150 level. However, it is necessary to note that the bulls are still struggling. If the price moves above the $3150 level, a move towards a $3250 resistance could be possible. Further gains could push the cryptocurrency ETH towards the $3350 resistance area.
What Happens If Ethereum Price Fails at Resistances?
Cryptocurrency world leader in altcoins, Ethereum, may start a correction movement if it fails to surpass the $3050 resistance. In this scenario, the first target of the downward movement would be close to the $2940 level. In case of a larger drop, the $2880 area becomes significant.
The main support level for Ethereum is around $2820. However, a sharp drop below this level could push the ETH price towards $2740 levels, potentially leading to further losses and a journey towards $2650 levels in the near term.
Looking at the technical indicators, the hourly MACD for ETH/USD is losing momentum in the bearish zone. However, the hourly RSI is currently above the 50 level, suggesting some potential sideways movement. These indicators provide insights on how the price of the cryptocurrency Ethereum might trend in the coming days.
