Ethereum Price Holds Strong At $3K But Can Bulls Clear This Hurdle?

Share This Post

Ethereum price is consolidating near the $3,000 zone. ETH could start a decent recovery wave if it clears the $3,100 and $3,200 resistance levels.

  • Ethereum is struggling to recover above the $3,100 resistance zone.
  • The price is trading below $3,120 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another decline if it stays below the $3,100 resistance zone.

Ethereum Price Holds Ground

Ethereum price slowly moved lower after it failed to clear the $3,200 resistance zone. ETH remained in a bearish zone below $3,100 and showed bearish signs, like Bitcoin.

Recently, the bears were able to push the price below the $3,000 support zone. However, the bulls were active near the 50% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $3,030 level. There is also a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD. The first major resistance is near the $3,100 level and the 100-hourly Simple Moving Average.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,200, above which the price might rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,500 pivot level. If there is a move above the $3,500 resistance, Ethereum could even climb toward the $3,650 resistance in the coming sessions.

More Losses In ETH?

If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,900 zone.

The next key support could be the $2,820 zone or the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. A clear move below the $2,820 support might send the price toward $2,600. Any more losses might send the price toward the $2,550 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,900

Major Resistance Level – $3,100

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Key Developments Propel World Network to 20M Participants in 2024

World, formerly recognized as Worldcoin, disclosed the project achieved progress in 2024, marking a transformative chapter for the initiative The network grew to encompass over 20 million

Ethereum Faces Crucial Test As Funding Rates Decline And $3K Level Looms

Ethereum has undoubtedly been under pressure despite the recent bullish rally in the broader cryptocurrency market as it struggles to make any major upside move A recent analysis by ShayanBTC, a

XRP Price Prediction For January 11

The post XRP Price Prediction For January 11 appeared first on Coinpedia Fintech News XRP has been showing resilience, holding up well despite the ongoing market correction Although the short-term

Ripple’s RLUSD Powers California Wildfire Relief With Crypto Donation

Ripple and Moonpay have made a joint donation of $50,000 worth of RLUSD, Ripple’s new stablecoin tied to the US dollar, to the Los Angeles Fire Department Foundation (LAFDFoundation) This

Crypto Analyst Explains What Could Trigger Ethereum Rally To $6,000

An analyst has revealed what may need to happen for Ethereum to rally toward the $6,000 mark, based on a pattern currently forming in its price Ethereum Has Appeared To Be Moving Inside An Ascending

DOJ Indicts 3 Russians for Operating Crypto Mixers Linked to Cybercrime

Russian nationals face charges for allegedly using cryptocurrency mixers to launder proceeds from ransomware, wire fraud, and theft, obscuring illicit funds’ origins, the DOJ says Russian