ethereum price rose above the $3,300 level. eth tested the $3,350 resistance and recently started a sharp decline below $3,300.
- ethereum rose towards $3,350 before the bears appeared again.
- The price is trading below $3,220 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support at $3,250 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to decline if it trades below the $3,165 support.
ethereum Price Trims Gains
ethereum price started a sharp rise above the $3,200 level. eth outperformed bitcoin and even surpassed the $3,300 resistance. However, the bears were active near the $3,350 level.
A high was formed at $3,355 and the price started a new decline. There was a sharp move below the $3,300 level. The price fell below the 50% Fibonacci retracement level of the upward move from the low of $3,070 to the high of $3,355.
There was also a break below a key uptrend line with support at $3,250 on the hourly chart of eth/USD. ethereum is now trading below $3,220 and the 100 hourly simple moving average.
However, the bulls are active near the $3,165 support and the 61.8% Fibonacci retracement level of the upward move from the $3,070 low to $3,355 high. Immediate resistance is near the $3,210 level and the 100 hourly simple moving average.
<img decoding="async" class="alignnone size-full wp-image-605513" src="https://technicalterrence.com/wp-content/uploads/2024/04/Reverse-Ethereum-Price-Gains-Can-ETH-Bulls-Save-the-Day.png" alt="ethereum Price” width=”1024″ height=”461″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/Reverse-Ethereum-Price-Gains-Can-ETH-Bulls-Save-the-Day.png?w=1835 1835w, https://technicalterrence.com/wp-content/uploads/2024/04/Reverse-Ethereum-Price-Gains-Can-ETH-Bulls-Save-the-Day.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/04/Reverse-Ethereum-Price-Gains-Can-ETH-Bulls-Save-the-Day.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/04/Reverse-Ethereum-Price-Gains-Can-ETH-Bulls-Save-the-Day.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/04/Reverse-Ethereum-Price-Gains-Can-ETH-Bulls-Save-the-Day.png?w=1536 1536w, https://technicalterrence.com/wp-content/uploads/2024/04/Reverse-Ethereum-Price-Gains-Can-ETH-Bulls-Save-the-Day.png?w=750 750w, https://technicalterrence.com/wp-content/uploads/2024/04/Reverse-Ethereum-Price-Gains-Can-ETH-Bulls-Save-the-Day.png?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The first major resistance is near the $3,250 level. The next key resistance lies at $3,350, above which the price could gain traction and rise towards the $3,465 level. A close above the $3,465 resistance could send the price towards the $3,550 resistance. If there is a move above the $3,550 resistance, ethereum could even test the $3,680 resistance. Any further gains could send Ether towards the $3,750 resistance zone.
More disadvantages in eth?
If ethereum fails to overcome the $3,210 resistance, it could continue down. Initial support on the downside is near the $3,180 level. The first major support is near the $3,165 area.
The main support is near the $3,070 level. A clear move below the $3,070 support could set the pace for more losses and send the price towards $3,030. Any further losses could send the price towards the $2,880 level in the near term.
Technical Indicators
MACD hourly – 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.
Main Support Level: $3,165
Main Resistance Level: $3210
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
