Ethereum Price continues to face significant hurdles as it struggles to break through key resistance levels. Recently, Ethereum attempted to climb above $3,000 but encountered a setback, testing lower boundaries near $2,870. The cryptocurrency is now in a recovery phase but still faces formidable resistance around the $3,100 mark.
Ethereum Price Faces Resistance Challenges
Much like Bitcoin, Ethereum has been unable to sustain its position above $3,150, resulting in a renewed decline. The price fell below $3,050, entering a bearish trend. This downward momentum accelerated past $3,000, briefly dipping below $2,950. A low was recorded at $2,870, from which Ethereum is currently attempting to recover.
After this decline, Ethereum managed to climb above the 50% Fibonacci retracement level from a swing high of $3,165 to the low of $2,870. However, the recovery faces significant challenges, with the price trading below $3,100 and the 100-hourly Simple Moving Average.
Key Resistance Levels for Ethereum
Should Ethereum initiate another upward wave, it is likely to encounter resistance near the $3,050 level. This is closely followed by the 61.8% Fibonacci retracement level of the recent decline. The more formidable resistance lies at $3,100, aligned with a bearish trend line on the ETH/USD hourly chart. Surpassing this level could propel Ethereum to the $3,150 resistance, with potential gains up to $3,200 and possibly $3,320 or even $3,350 in the upcoming days.
Potential for Another Drop in Ethereum Price
If Ethereum fails to break the $3,100 resistance, it risks entering another decline. The initial support is situated near $3,000, with the first major support zone around $2,940. A decisive move below $2,940 could drive the price down to $2,880, with further losses possibly pushing Ethereum toward the $2,820 region. Key support levels are also noted at $2,750 and $2,740.
Technical Indicators:
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
As Ethereum navigates these market dynamics, traders and investors will need to monitor these resistance and support levels closely to inform their strategies.
