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Home»EXCHANGE NEWS»Ethereum price faces rejection. Is this a new bearish signal?
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Ethereum price faces rejection. Is this a new bearish signal?

By Crypto FlexsApril 25, 20243 Mins Read
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Ethereum price faces rejection.  Is this a new bearish signal?
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Ethereum price failed to break the $3,280 resistance zone. ETH fell below the $3,200 support and is currently consolidating losses above $3,100.

  • Ethereum struggled to break through the $3,250 and $3,280 resistance levels.
  • The price is trading below $3,200 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $3,190.
  • The pair may continue to fall if it trades below the $3,100 support level.

Ethereum price adjustment profit

Ethereum price struggled to break through the $3,250 and $3,280 resistance levels. ETH began a new downtrend and traded below the $3,200 support level to enter near-term bearish territory like Bitcoin.

Additionally, a break occurred below the main bullish trendline supporting $3,190 on the hourly chart of ETH/USD. The pair even fell below $3,150 and tested $3,100. The low was formed at $3,105 and the price is currently consolidating losses.

Ethereum is currently trading below $3,200 and the 100-hour simple moving average. It is testing the 23.6% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.

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 50% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,220, above which the price may gain traction towards the $3,250 level. A close above the $3,250 resistance line could cause the price to head towards the $3,280 resistance line. Ethereum may test the $3,350 resistance level if there is a move above the $3,280 resistance level. Further gains could lead Ether towards the $3,500 resistance zone.

Will there be more losses in ETH?

If Ethereum fails to clear resistance at $3,200, it may continue to fall. Initial support for the downside is near the $3,120 level. The first major support is near the $3,100 area.

Key support is near the $3,030 level. A clear drop below the $3,030 support could increase selling pressure and push the price towards $2,850. More losses could push the price towards the $2,650 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 – $3,100

Key Resistance Level – $3,200

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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