Ethereum price faced a significant test as it dropped below the $3,250 support zone and even dipped below $3,150 to touch the $3,080 mark. However, a low was established at $3,087 and the asset is now seeing a recovery, although the momentum is not as strong as seen in Bitcoin.
Breaking above the $3,200 resistance level, Ethereum successfully cleared the 23.6% Fib retracement level of the downward movement from the $3,500 high to the $3,087 low. Additionally, a bullish development took place with the breach of a bearish trend line at $3,220 on the hourly ETH/USD chart.
Despite these positive signs, ETH is currently trading below $3,350 and the 100-hourly Simple Moving Average, indicating that further hurdles need to be overcome for a sustained uptrend. If the price continues to rise, it may encounter resistance near the $3,300 level, followed by major obstacles at $3,350, the 100-hourly Simple Moving Average, and the 61.8% Fib retracement level.
Looking ahead, the next significant resistance levels for Ethereum are at $3,400 and $3,550. A successful breach above the $3,550 resistance could pave the way for a move towards the $3,720 zone in the near future.
However, should Ethereum struggle to clear the $3,300 resistance, a downside scenario could unfold. Initial support is anticipated near $3,185, followed by a more substantial level at $3,120. A breach below $3,120 might push the price towards $3,080 and potentially even to $3,020, with the next critical support level sitting at $2,950.
From a technical standpoint, the hourly MACD for ETH/USD is showing an increase in bullish momentum, while the hourly RSI has now crossed the 50 zone, indicating a positive shift in sentiment.
With the DeFi sector gaining momentum and capturing the interest of crypto enthusiasts, staying updated on the latest news and trends is essential for making informed decisions. For more insightful articles on DeFi and other trending topics in the crypto space, be sure to check out DeFi Daily News.
All in all, Ethereum’s price action is at a critical juncture, with key resistance levels to overcome and support levels to hold. How it navigates these challenges in the coming days will determine its trajectory in the short term.
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