Ethereum Price Faces Crucial Test: Will $3,250 Withstand the Pressure?
April 05 2024 - 12:32AM
NEWSBTC
Ethereum price is struggling to recover above the $3,440 resistance
zone. ETH is moving lower and might decline further if it clears
the $3,250 support. Ethereum is struggling to climb above the
$3,370 and $3,440 levels. The price is trading below $3,380 and the
100-hourly Simple Moving Average. There was a break below a major
bullish trend line with support at $3,300 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could extend losses if
there is a close below the $3,250 support zone. Ethereum Price
Recovery Fades Again Ethereum price attempted a fresh recovery wave
above the $3,300 and $3,320 levels, like Bitcoin. ETH even climbed
above the $3,400 level, but the bears were active near the $3,440
zone. A high was formed near $3,443 before there was a fresh
decline. There was a break below a major bullish trend line with
support at $3,300 on the hourly chart of ETH/USD. The price trimmed
gains and retested the $3,250 support. The price traded as low as
$3,253 and is currently consolidating losses. It is trading just
above the 23.6% Fib retracement level of the downward wave from the
$3,443 swing high to the $3,253 low. However, Ethereum is trading
below $3,380 and the 100-hourly Simple Moving Average. Immediate
resistance is near the $3,320 level. The first major resistance is
near the $3,350 level or the 50% Fib retracement level of the
downward wave from the $3,443 swing high to the $3,253 low. The
next key resistance sits at $3,440, above which the price might
test the $3,500 level. Source: ETHUSD on TradingView.com The next
key resistance is seen near the $3,550 level, above which Ether
could gain bullish momentum. In the stated case, the price could
rise toward the $3,650 zone. If there is a move above the $3,650
resistance, Ethereum could even rise toward the $3,750 resistance.
More Losses In ETH? If Ethereum fails to clear the $3,350
resistance, it could continue to move down. Initial support on the
downside is near the $3,250 level. The first major support is near
the $3,220 zone. The next key support could be the $3,200 zone. A
clear move below the $3,200 support might send the price toward
$3,120. Any more losses might send the price toward the $3,040
level. 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 – $3,250
Major Resistance Level – $3,350
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