Ethereum has recently been stuck around the $3,200 resistance level. If it remains below this level, a significant downward trend could begin. Currently, Ethereum is struggling to break above the $3,200 resistance but faces a further barrier at $3,280. The price is trading below the $3,200 level and the 100-hour Simple Moving Average, indicating that bears are still in control.
Ethereum Encounters Resistance at This Level
ETH/USD pair’s four-hour chart shows a significant downtrend line at $3,120 resistance, suggesting difficulties in upward movements. Moreover, a close below the $2,900 support zone could signal the start of another downward trend.
Ethereum has recently been attempting to recover above the $3,000 support level but struggles to rise above $3,200. The highest level reached was around $3,278, from which it reacted downward.
Considering critical levels, a decisive move by Ethereum is expected soon. If the $3,200 resistance is breached, the $3,280 level will become significant, and overcoming this level will be necessary for the price to gain upward momentum. However, if a rise occurs under these conditions, the price might even test the $3,620 resistance.
Downward Movements Could Bring These Levels for ETH
Cryptocurrency Ethereum’s current situation shows that the first support point is around $3,000. However, in a more serious decline, the first major support zone could be around $2,900.
If prices fall below these levels, a support at $2,710 could become prominent. A move below this level might pull prices to around $2,650, and further losses could lead to a retreat to the $2,550 level.
On the other hand, when examining technical indicators, the four-hour MACD for ETH/USD is losing momentum in the bearish zone, while the four-hour RSI is observed to be above the 50 level. These indicators reflect the current uncertainty in Ethereum’s situation.
In light of all these data, the main support level for cryptocurrency ETH investors appears to be $2,900, while the main resistance level is still determined as $3,200.
