Tuesday, May 28, 2024

5 Types of Content...

Opinions expressed by Entrepreneur contributors are their own....

Emotionally Intelligent People Don’t...

Opinions expressed by Entrepreneur contributors are their own....

Broaden Your Horizons by...

Disclosure: Our...

Gift Business Travel Stories...

Disclosure: Our...
HomeFinanceEthereum Price Recovery...

Ethereum Price Recovery In Jeopardy? Decoding Major Hurdles To Upside Continuation


Ethereum price extended the recovery wave above the $3,120 area. ETH failed to clear the $3,220 resistance level and is currently paring gains.

  • Ethereum price rose further above the $3,150 and $3,200 levels before bears emerged.
  • The price is trading below the $3,120 level and the 100 hourly simple moving average.
  • There was a breakout below a major uptrend line with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must remain above the $3,020 support level to start another increase towards $3,220.

Ethereum prices are falling again

Ethereum price rose further above the $3,150 and $3,200 levels, like Bitcoin. ETH tested the $3,220 resistance area before bears emerged. The high was formed at $3,217 and the price started a downward correction.

There was a move below the $3,150 level. The bears pushed it below the $3,120 support level. Moreover, there was a break below the major uptrend line with support at $3,120 on the hourly chart of ETH/USD. The pair tested the $3,025 area.

The low was formed at $3,025 and the price is now consolidating losses. Ethereum is trading below the $3,120 level and the 100 hourly simple moving average. Immediate resistance is near the $3,070 level or the 23.6% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 swing low.

The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the high of $3,217 to the low of $3,025. The next major resistance is at $3,170, above which the price could gain momentum and rise towards $3,220 level.

source: ETHUSD on TradingView.com

If the bulls stay in action and push the price above $3,220, there could be a drift towards the $3,350 resistance level. Any further gains could send Ether towards the $3,500 resistance area.

More losses in ETH?

If Ethereum fails to break above the $3,120 resistance level, it could start another decline. Initial support on the downside is near the $3,025 level. The first major support is near the $3,000 area.

The main support is near the $2,950 level. A clear move below the $2,950 support could push the price towards $2,820. Any further losses could push the price towards the $2,650 level in the near term.

Technical indicators

MACD per hourThe MACD indicator for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,025

Major resistance level – $3,120

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on buying, selling or holding any investments and investing naturally carries risks. We advise you to conduct your own research before making any investment decisions. Use the information provided on this website entirely at your own risk.

The post Ethereum Price Recovery In Jeopardy? Decoding Major Hurdles To Upside Continuation first appeared on Investorempires.com.

Continue reading

Memorial Day weekend severe weather kills 21, as storms move east

A series of powerful storms swept over the Central and Southern U.S. over the Memorial Day holiday weekend, killing at least 21 people and leaving a wide trail of destroyed homes, businesses and power outages. The destructive storms caused deaths in...

50 Marketing Buzzwords to Know and Some to Avoid

At the beginning of my marketing career, I was hit with a bunch of acronyms that sounded more like dog names than business terms: ROI, ROA, ROAS… 🥲I could even imagine fluffy Chow Chow named “ROAS” chasing after...

5 Types of Content That Will Attract Ready-to-Buy Prospects

Opinions expressed by Entrepreneur contributors are their own. They say that content is king — but not all digital content is created equal. While most digital content...