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Home»EXCHANGE NEWS»Ethereum price faces a critical test: Can $3,200 withstand the pressure?
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Ethereum price faces a critical test: Can $3,200 withstand the pressure?

By Crypto FlexsApril 26, 20243 Mins Read
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Ethereum price faces a critical test: Can ,200 withstand the pressure?
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Ethereum price is attempting to recover above the $3,125 area. For ETH to continue rising in the near term, the resistance at $3,200 needs to be cleared.

  • Ethereum extended losses and tested the $3,075 support area.
  • The price is trading below $3,180 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major ascending channel forming with support at $3,140.
  • The pair could continue to fall if it trades below the $3,125 support.

Ethereum price faces resistance

Ethereum price struggled to recover and extend losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another Bitcoin-like recovery.

There was a slight increase above the $3,125 resistance level. The price recently broke above the 23.6% Fib retracement level of the decline from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.

Ethereum is currently trading below $3,180 and the 100-hour simple moving average. Additionally, a major upward channel has formed with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly simple moving average.

The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent decline from the $3,292 swing high to the $3,074 low.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,240, above which the price may gain traction towards the $3,280 level. A close above the $3,280 resistance line could cause the price to head towards the $3,350 resistance line. Ethereum may test the $3,500 resistance level if there is a move above the $3,350 resistance level. Further gains could lead Ether towards the $3,550 resistance zone.

Are there more downsides to ETH?

If Ethereum fails to clear the $3,180 resistance, it may continue to fall. Initial support for the downside is near the $3,125 level. The first major support is near the $3,075 area.

Key support is near the $3,030 level. A clear decline below the $3,030 support could lead to more losses and push the price towards $2,880. More losses could push the price towards the $2,750 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is currently below the 50 level.

Key Support Level – $3,125

Key Resistance Level – $3,200

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