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Home»EXCHANGE NEWS»Ethereum price remains strong at $3,000, but can the bulls overcome this obstacle?
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Ethereum price remains strong at $3,000, but can the bulls overcome this obstacle?

By Crypto FlexsApril 18, 20243 Mins Read
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Ethereum price remains strong at ,000, but can the bulls overcome this obstacle?
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Ethereum price is consolidating near $3,000. ETH could begin a significant recovery if it clears the $3,100 and $3,200 resistance levels.

  • Ethereum is struggling to recover above the $3,100 resistance zone.
  • The price is trading below $3,120 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,035.
  • If it stays below the $3,100 resistance zone, the pair could begin another downtrend.

Ethereum price is holding steady

Ethereum price gradually fell after failing to break the $3,200 resistance level. ETH showed the same signs of weakness as Bitcoin, remaining in a bearish zone below $3,100.

The recent decline could push the price below the $3,000 support zone. However, bulls remained active near the 50% Fib retracement level of the bullish wave from the $2,535 swing low to the $3,279 high. Ethereum is currently trading below $3,120 and the 100-hour simple moving average.

Immediate resistance is near the $3,030 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline with resistance forming at $3,035. The first major resistance is near the $3,100 level and the 100-hourly simple moving average.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,200, and a break above this could lead to a rise to the $3,280 level. A close above the $3,280 resistance could lead the price towards the $3,500 pivot level. If there is a move above the $3,500 resistance level, Ethereum may move higher towards the $3,650 resistance level in the next session.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,100 resistance, it could begin another downtrend. Initial support for the downside is near the $3,000 level. The first major support is near the $2,900 area.

The next major support could be the $2,820 zone or the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. A clear move below the $2,820 support could lead the price towards $2,600. More losses could push the price towards the $2,550 level in the near term.

technical indicators

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

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

Key Support Level – $2,900

Key Resistance Level – $3,100

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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