The price of Ethereum is aiming for a potential upward breakthrough beyond the $2,900 mark. For Ethereum to sustain its upward momentum in the short term, it needs to establish stability above key resistance levels at $2,900 and $2,940.
Ethereum Price Is Expecting Another Rise
Similar to Bitcoin, the price of Ethereum failed to stay over $3,000 and began a new slide. ETH moved below the support levels of $2,950 and $2,940.
In fact, the price traded below $2,900. Still, the bulls were back in the vicinity of the $2,860 support level. At $2,860, a bottom was made, and losses are currently being consolidated by the price. It is gradually rising above the $2,885 mark.
The 100-hourly Simple Moving Average and $2,950 are currently being traded below by Ethereum. At $2,900 is where immediate opposition is located. On the hourly chart of ETH/USD, a significant bearish trend line is also formed, with resistance at $2,905. The trend line is in proximity to the recent decline’s 23.6% Fib retracement level from the $2,992 swing high.
Breaking above the trend line could propel the price towards the $2,925 level and the 100-hourly Simple Moving Average. The initial significant resistance lies around the $2,940 mark or the 61.8% Fibonacci retracement level, calculated from the recent decline spanning from the $2,992 peak to the $2,860 low.
Following this, the next notable resistance level is at $2,950. Surpassing this barrier could pave the way for further upward movement towards the $3,000 threshold. A clear breach above $3,000 might signify a potential ascent towards the $3,050 resistance level. Subsequent gains could potentially push Ether towards the $3,150 resistance zone.
One More Dip in ETH?
Ethereum may begin another downturn if it is unable to overcome the $2,925 barrier. Initial downside support is located close to the $2,880 mark.
The price may move toward the $2,925 mark and the 100-hourly Simple Moving Average if the trend line is broken. The $2,940 mark, or the 61.8% Fibonacci retracement level derived from the most recent slide from the $2,992 peak to the $2,860 low, is the first substantial barrier.
The next significant resistance level after this is at $2,950. Breaking through this barrier might allow for even further ascent in the direction of the $3,000 mark. A definite break above $3,000 could indicate a possible rise to the $3,050 resistance level. Gains after that might drive Ether up to the $3,150 resistance level.
May 2024, Cryptoniteuae
