Ethereum Struggles with Resistance Levels

Ethereum is currently consolidating around the $3,200 resistance level, and staying below this level increases the possibility of a major bearish trend. Ethereum is currently making efforts to break the $3,200 resistance, facing another resistance at $3,280. Transactions still indicate that bears are in control, trading below the 100-hour Simple Moving Average. Ethereum’s Technical Outlook On the four-hour chart of the ETH/USD pair, a descending trend line is drawn at $3,120, indicating difficulty in upward movements. Furthermore, a close below the $2,900 support area could signal the start of a new bearish trend. Ethereum is showing signs of recovery above the $3,000 support level but struggles to break above the $3,200 resistance. The highest level recorded was $3,278, followed by a bearish move. Positive and Negative Scenarios The decisive resistance level for Ethereum’s future movements is set at $3,200. If this resistance is breached, another important resistance at $3,280 will […]

Ethereum Struggles with Resistance Levels

Ethereum is currently consolidating around the $3,200 resistance level, and staying below this level increases the possibility of a major bearish trend. Ethereum is currently making efforts to break the $3,200 resistance, facing another resistance at $3,280. Transactions still indicate that bears are in control, trading below the 100-hour Simple Moving Average.

Ethereum’s Technical Outlook

On the four-hour chart of the ETH/USD pair, a descending trend line is drawn at $3,120, indicating difficulty in upward movements. Furthermore, a close below the $2,900 support area could signal the start of a new bearish trend.

Ethereum is showing signs of recovery above the $3,000 support level but struggles to break above the $3,200 resistance. The highest level recorded was $3,278, followed by a bearish move.

Positive and Negative Scenarios

The decisive resistance level for Ethereum’s future movements is set at $3,200. If this resistance is breached, another important resistance at $3,280 will need to be broken for a momentum shift. If the uptrend continues, testing the $3,620 resistance level could be possible.

Useful Information

The primary support level for Ethereum is seen at $2,900.
The main resistance level is set at $3,200.
The $3,120 descending trend line is considered a signal of potential struggles in the uptrend.
Closures below $2,900 could be a possible sign of larger declines.

In conclusion, Ethereum’s price movements should be assessed within the framework of resistance and support levels, and investors should shape their strategies based on this information.

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