- Ethereum price started a downside correction from the $3,350 resistance against the US Dollar.
ETH price is now trading near $3,200 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support at $3,125 on the 4-hour chart (data feed from Coinbase).
The pair could start a fresh increase if it clears the $3,350 resistance zone.
As a researcher with experience in cryptocurrency markets, I have been closely monitoring the Ethereum price action against the US Dollar. The recent correction from the $3,350 resistance zone is a concerning development for bulls. ETH is now trading near $3,200 and the 55 simple moving average (4 hours).
The cost of Ethereum is dropping beneath $3,250 versus the US dollar. The potential exists for further decreases in the Ethereum-US Dollar pair if the price falls below the support level of $3,125.
Ethereum Price Analysis
Over the last several days, Ethereum has seen notable growth, surpassing the resistance of $3,200. The cryptocurrency then went beyond the barriers at $3,300 and $3,320.
After reaching $3,356, the price formed a new high, but then corrected downward. The support at $3,300 was breached, and the value dipped below the 23.6% Fibonacci retracement level of the upward trend from the $2,865 swing low to the $3,356 peak.
The price of Ethereum hovers around $3,200 mark on the 4-hour chart, while its 55 simple moving average lies in the same region. Additionally, a significant bullish trend line is shaping up on the same chart, offering support at $3,125.
The good news is that the price is encountering resistance at around $3,240. The first significant barrier to further price increase is located at approximately $3,350. Beyond that, resistance lies in the vicinity of $3,500. If the price manages to surpass this latter resistance level, it could potentially trigger a new advance towards $3,680.
As a researcher studying the price trends, I can share that if current gains continue, we might see the price reaching new heights, potentially surpassing the resistance zone around $3,800 or even touching $4,000 in the short term. Conversely, should there be a downturn, initial support lies near the $3,125 mark or at the trend line and the 50% Fibonacci retracement level of our previous upward wave, which extended from $2,865 to $3,356.
The price is approaching a significant level of resistance around $3,000. Should the price breach this resistance, it could potentially slide down to around $2,920. If the bulls are unable to defend this support level, there’s a risk that the price may continue falling towards approximately $2,865.
Examining the graph, it’s evident that Ethereum’s price hovers around $3,200 and aligns with the 4-hour 55 simple moving average. If Ethereum breaches the $3,125 support level, there is a strong possibility for further price decreases.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $3,125, followed by the $3,000 zone.
Key Resistance Levels – $3,240 and $3,350.
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2024-04-30 06:31