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Home»EXCHANGE NEWS»Ethereum Price Stays Near $3,000, Indicators Show Downside Risk
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Ethereum Price Stays Near $3,000, Indicators Show Downside Risk

By Crypto FlexsApril 17, 20243 Mins Read
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Ethereum Price Stays Near ,000, Indicators Show Downside Risk
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Ethereum price still faces many obstacles near $3,200. If the price stays below $3,200 and $3,280, ETH could begin another major decline.

  • Ethereum is struggling to recover above the $3,200 resistance zone.
  • The price is trading below $3,200 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 $3,120.
  • If the price closes below the $2,900 support zone, the pair could begin another downtrend.

Ethereum price integration

Ethereum price found support and attempted a recovery above the $3,000 resistance zone. ETH could break above the $3,200 level. However, the bears remained active near the $3,280 resistance zone.

A high was reached at $3,278 and the price reacted to the downtrend like Bitcoin. It fell below the 23.6% Fib retracement level from the $2,536 swing low to the $3,278 high. Ethereum is currently trading below $3,200 and the 100-hour simple moving average.

Immediate resistance is near the $3,100 level. Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline forming resistance at $3,120. The first major resistance is near the $3,200 level and the 100-hourly simple moving average.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,280, and a break above this could lead to a rise to the $3,350 level. The major hurdle could be $3,500, beyond which Ethereum could show strength. If stated, the price could rise to the $3,620 region. Any move above the $3,620 resistance level could push Ethereum towards the $3,750 resistance level.

Another decline in ETH?

If Ethereum fails to clear the $3,200 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 or the 50% Fib retracement level of the rise from the $2,536 swing low to the $3,278 high. The next major support could be the $2,710 zone. A clear move below the $2,710 support could lead the price towards $2,650. Any more losses could push the price down to the $2,550 level.

technical indicators

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

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Key Support Level – $2,900

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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