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Home»EXCHANGE NEWS»Is Ethereum price recovery in danger? Decoding the key obstacles to new growth
EXCHANGE NEWS

Is Ethereum price recovery in danger? Decoding the key obstacles to new growth

By Crypto FlexsApril 16, 20243 Mins Read
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Is Ethereum price recovery in danger?  Decoding the key obstacles to new growth
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Ethereum price faces many obstacles near $3,200. ETH could gain bearish momentum if the price stays below $3,200 and $3,280.

  • 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.
  • On the ETH/USD hourly chart (data feed via Kraken), a break occurred below the connecting bullish trendline with support at $3,100.
  • If the price closes below the $3,000 support zone, the pair could begin another downtrend.

Ethereum Price Faces Hurdles

Ethereum price began to recover above the $3,000 resistance zone. ETH was able to break above the $3,120 level. However, the bears remained active near the $3,280 resistance zone.

A high was formed at $3,278 and the price began a new decline, like Bitcoin. There was a move below the $3,200 support level. Prices fell below the 23.6% Fib retracement level of the recovery wave from the $2,537 swing low to the $3,278 high.

A break also occurred below the connecting bullish trendline supporting $3,100 on the hourly chart of ETH/USD. Ethereum is currently trading below $3,200 and the 100-hour simple moving average.

Immediate resistance is near the $3,200 level. The first major resistance is near the $3,250 level. The next major resistance is $3,280, above which the $3,350 level could be tested. The main hurdle could be $3,500, above which Ethereum could show strength.

Source: ETHUSD on TradingView.com

If stated, the price could rise to the $3,620 region. If there is a move above the $3,620 resistance, Ethereum may rise towards the $3,750 resistance.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,200 resistance, it may continue to fall. 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 recovery wave from the $2,537 swing low to the $3,278 high. The next major support could be the $2,820 zone. A clear move below the $2,820 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 gaining momentum in bearish territory.

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

Key Support Level – $3,000

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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