Ethereum Price Reverse Gains, Can ETH Bulls Save The Day?
April 29 2024 - 12:18AM
NEWSBTC
Ethereum price rallied above the $3,300 level. ETH tested the
$3,350 resistance and recently started a sharp decline below
$3,300. Ethereum rallied toward $3,350 before the bears appeared
again. The price is trading below $3,220 and the 100-hourly Simple
Moving Average. There was a break below a key bullish trend line
with support at $3,250 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could continue to move down if it trades
below the $3,165 support. Ethereum Price Trims Gains Ethereum price
started a strong increase above the $3,200 level. ETH outperformed
Bitcoin and even cleared the $3,300 resistance. However, the bears
were active near the $3,350 level. A high was formed at $3,355 and
the price started a fresh decline. There was a sharp move below the
$3,300 level. The price declined below the 50% Fib retracement
level of the upward move from the $3,070 swing low to the $3,355
high. There was also a break below a key bullish trend line with
support at $3,250 on the hourly chart of ETH/USD. Ethereum is now
trading below $3,220 and the 100-hourly Simple Moving Average.
However, the bulls are active near the $3,165 support and the 61.8%
Fib retracement level of the upward move from the $3,070 swing low
to the $3,355 high. Immediate resistance is near the $3,210 level
and the 100-hourly Simple Moving Average. Source: ETHUSD on
TradingView.com The first major resistance is near the $3,250
level. The next key resistance sits at $3,350, above which the
price might gain traction and rise toward the $3,465 level. A close
above the $3,465 resistance could send the price toward the $3,550
resistance. If there is a move above the $3,550 resistance,
Ethereum could even test the $3,680 resistance. Any more gains
could send Ether toward the $3,750 resistance zone. More Downsides
In ETH? If Ethereum fails to clear the $3,210 resistance, it could
continue to move down. Initial support on the downside is near the
$3,180 level. The first major support is near the $3,165 zone. The
main support is near the $3,070 level. A clear move below the
$3,070 support might set the pace for more losses and send the
price toward $3,030. Any more losses might send the price toward
the $2,880 level in the near term. Technical Indicators Hourly MACD
– The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major
Support Level – $3,165 Major Resistance Level – $3,210
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