Ethereum price recently experienced a significant decline, testing the $3,580 support level before beginning a recovery. However, the price is facing multiple hurdles near the $3,740 zone, with resistance at $3,750 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance near $3,740, indicating that Ethereum may face challenges in moving higher unless there is a close above the $3,640 support level.
The price of Ethereum faced a decline below $3,660 before starting to recover, much like Bitcoin. Despite climbing above $3,650 and $3,660 levels, the price has not yet reached a close above $3,700. Ethereum is currently trading below $3,740 and the 100-hourly Simple Moving Average, with potential resistance near the $3,700 level. The key resistance levels to watch are at $3,740 and $3,800, with a trend line forming at the 61.8% Fib retracement level of the downward move from the $3,838 swing high to the $3,574 low.
A break above the $3,740 resistance could lead to further price increases, with potential resistance levels at $3,800, $3,840, and even $4,000. However, failure to clear the $3,740 resistance could result in further declines, with initial support at $3,660 and major support at the $3,640 zone. The main support level to watch is at $3,580, with potential downside targets at $3,500 and $3,450 in the near term.
Technical indicators for Ethereum include the Hourly MACD, which is gaining momentum in the bearish zone, and the Hourly RSI, now below the 50 zone. The major support and resistance levels are at $3,640 and $3,740, respectively. Traders and investors should keep a close watch on these levels to anticipate potential price movements in Ethereum in the near future.
In conclusion, Ethereum’s price is currently facing multiple hurdles as it attempts to recover from recent declines. Key resistance levels are at $3,740 and $3,800, while support levels are at $3,660, $3,640, and $3,580. Technical indicators suggest that Ethereum may face further downward pressure, but a break above the resistance levels could lead to further gains. Traders should closely monitor price movements and key support/resistance levels to make informed decisions on their Ethereum investments.
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