In the tumultuous world of cryptocurrency, Ethereum’s price struggled and ultimately failed to breach the towering wall of resistance standing at $3,280. With unfortunate timing, ETH dipped below the support threshold of $3,200, entering a bearish zone that echoes the woes of its peer, Bitcoin. Currently, Ethereum now finds itself battling to hold its ground above $3,100 – a moment of consolidation following recent losses.
At the pivotal juncture, Ethereum grappled valiantly but in vain against resistance levels set at $3,250 and $3,280. The ensuing pullback saw ETH tumble below not only the crucial $3,200 support line, but also beneath the 100-hourly Simple Moving Average, underscoring the bearish sentiment currently at play.
Further darkening the hour was the breach of a key bullish trend line, a steady lifeline holding firm at $3,190. The fallout was evident on the hourly chart of the ETH/USD pair, as ETH slipped below the watermark of $3,150 and headed southwards towards $3,100. This unfortunate turn carved out a new low at $3,105, setting the stage for ETH’s ongoing struggle.
As the smoke clears, Ethereum finds itself in an uncertain position – grappling beneath the $3,200 mark, and facing the 100-hourly Simple Moving Average like a headwind. A bleak test against the 23.6% Fibonacci retracement level looms ahead, factoring in a recent decline that spanned from a swing high of $3,291 to the freshly minted low of $3,105.
A critical hurdle presents itself to Ethereum at $3,180 – the immediate resistance level further underscored by the 100-hourly Simple Moving Average. Beyond this, the resistance at the $3,200 line proves a formidable adversary, equivalent to the 50% Fibonacci retracement level of the recent decline.
Optimistically, if Ethereum were to wrestle past the resistance of $3,220, an upscale may be instigated, targeting the $3,250 level. Surpassing this hurdle will set ETH on a trajectory towards $3,280. Moreover, breaking the $3,280 barrier could grant ETH a shot at reaching the $3,350 mark. Should this bullish swing materialize, the potential for further gains remains, with the next milestone being the lofty $3,500 resistance zone.
However, if Ethereum falters and falls short of the $3,200 mark, a downward trajectory could be invoked. Support in this scenario hovers around $3,120, with more significant defenses stationed at the $3,100 mark. Yet, Ethereum’s last bastion remains at the $3,030 level. Should this fall, an escalation of selling pressure may engulf Ethereum, driving the price towards $2,850, with the potential predisposition towards $2,650 in the near future.
Technical indicators betray a trend of decreasing momentum in the bearish zone with the hourly MACD for ETH/USD. Furthermore, the hourly RSI for ETH/USD now colorfully illustrates a slide below the 50 level. While the battle is far from over, the current situation assigns the $3,100 mark as the Major Support Level and the $3,200 mark as the Major Resistance Level in the unfolding Ethereum drama.
