Bitcoin and the altcoin world have been quite exciting recently. The optimistic atmosphere among cryptocurrency investors continues. Bitcoin’s transition to sideways movement and its continuation within a certain price range has led to significant price increases for altcoins. Ethereum has also received its share of this increase lately. The price recently rose above $3,000. However, it is now sagging below this key resistance level. So, what should be expected for Ethereum going forward?
What to Expect for Altcoin Ethereum?
The cryptocurrency Ethereum’s market performance has been quite volatile lately. The cryptocurrency managed to rise above the $3,000 resistance before the bears appeared. However, after this rise, ETH is now experiencing a correction in its gains. Yet, the declines may remain limited below the support level of $2,865.
According to recent data, the altcoin Ethereum (ETH) price struggled to maintain above the $3,000 level and subsequently underwent a downward correction. Currently, the price is trading around $2,900 and is above the 100-hour Simple Moving Average. However, on the hourly chart of ETH/USD, a connecting bearish trend line is observed with resistance at $2,950.
Technical analysis suggests that the cryptocurrency ETH could start a new increase as long as the bears do not push the price below $2,865. However, a tough battle is expected to overcome the $3,000 resistance.
What Is the Momentum Status in the Rising Zone?
For the cryptocurrency Ethereum (ETH), the recent decline occurred with a movement from $3,032 to $2,865, which is above the 50% Fib retracement level. At this point, a move below $2,900 could bring more potential for a decline. However, the support level of $2,865 is expected to be strongly maintained.
Looking at technical indicators, the hourly MACD for ETH/USD is losing momentum in the rising zone. The RSI for the leading altcoin Ethereum is currently hovering near the 50 level.
The main resistance level for altcoin Ethereum (ETH) is shown as $2,975 and the main support level as $2,900. However, there are many factors that could affect Ethereum’s trajectory in the coming days. Therefore, it is important for investors to closely monitor the market and carefully follow developments.
