- Ethereum price started a downside correction from the $3,220 resistance against the US Dollar.
ETH price is now trading near $3,080 and the 55 simple moving average (4 hours).
There was a break below a key rising channel 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 $3,220 resistance zone.
As a crypto investor with some experience in following Ethereum’s price movements, I see Ethereum price declining below the $3,150 resistance against the US Dollar. The price is now at risk of more downsides below the significant support zone at $3,020.
As a crypto investor, I’m observing that Ethereum’s price is slipping below the $3,150 mark against the US Dollar. The ETH/USD pair seems poised for further drops, with the $3,020 support level being a potential target for sellers.
Ethereum Price Analysis
Over the last several days, Ethereum has seen a notable rise, surpassing the $3,050 barrier against the US Dollar. The cryptocurrency subsequently broke through the resistance at $3,120 and $3,150.
After reaching a peak of $3,221, the price briefly touched the $3,220 resistance mark before experiencing a decline. A new low was formed near $3,200. The stock dipped further, dropping below the 23.6% Fibonacci retracement level of the upward trend that started at $2,814 and peaked at $3,221.
On the 4-hour Ethereum chart, a significant drop occurred below a notable rising trendline, which previously offered support at $3,125. Currently, the price hovers around $3,080, close to the 55 simple moving average (SMA) for the same time frame.
I’ve noticed an uptick in price action, currently hovering around the $3,125 mark. Notably, there’s strong resistance just ahead at the $3,200 level. Should we manage to breach this hurdle, the next significant challenge lies at approximately $3,220. Overcoming this resistance could potentially lead us to a new height of $3,350.
As an analyst, I would rephrase it as follows: If the price continues to rise, it could potentially reach the resistance zones at $3,400 and even $3,500 in the short term. Conversely, should the price decline, initial support can be found around the $3,020 mark or the trend line, as well as the 50% Fibonacci retracement level of the upward wave that began at $2,814 and peaked at $3,221.
The price is approaching a significant level of resistance around $2,960. Should this barrier be breached, the value could slide down to $2,820. If the bulls can’t defend $2,820, there’s a possibility for further decline towards $2,665.
Examining the graph, it’s evident that Ethereum’s price hovers around $3,080 and aligns with the 4-hour 55 simple moving average. If Ethereum breaches the $3,020 support level, there is a strong possibility of further price decreases.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $3,020, followed by the $2,960 zone.
Key Resistance Levels – $3,125 and $3,220.
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2024-05-07 07:12