Ethereum Aims for Rebound: Will It Follow Bitcoin’s Lead?
Ethereum, one of the leading cryptocurrencies, has been experiencing a fluctuating market. Recently, Ethereum faced a downtrend and tested the crucial support level of $3,080. However, the digital asset is now showing signs of recovery and could potentially target the resistance level of $3,350.
Key points to note include Ethereum’s testing of the $3,080 support level before initiating a recovery phase. Currently, the price is trading below $3,350 and the 100-hourly Simple Moving Average. A positive development was the breakout above a bearish trend line with resistance at $3,220 on the hourly chart of ETH/USD sourced via Kraken. If Ethereum manages to stay above the $3,180 support zone, it could continue its upward movement.
The recovery saw Ethereum surpass the $3,200 mark. The price successfully cleared the 23.6% Fibonacci retracement level from the recent downward move, indicating a positive momentum shift. Moreover, breaking above the bearish trend line at $3,220 further boosted the bullish sentiment.
Despite these positive movements, Ethereum remains below the $3,350 resistance level and the 100-hourly Simple Moving Average. Potential resistance levels Ethereum might encounter include $3,300, $3,350, and the 61.8% Fibonacci retracement level. A close above $3,400 could propel Ethereum towards the $3,500 resistance level.
Looking ahead, if Ethereum fails to breach the $3,300 resistance level, it could face another downward trend. Initial support lies near $3,185, with a major support zone at $3,120. Further declines might push the price towards $3,080 and potentially down to $3,020, with a critical support level at $2,950.
Technical indicators suggest a positive outlook, with the hourly MACD for ETH/USD gaining momentum in the bullish zone and the hourly RSI now above the 50 mark. Major support and resistance levels to monitor are $3,185 and $3,350, respectively.
In conclusion, Ethereum’s price movements continue to be dynamic, with recovery efforts facing resistance at key levels. Traders and investors are advised to monitor the market closely and conduct thorough research before making any investment decisions.
