|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Ethereum Consolidates Below $3,000, Poised for Potential Rebound
May 09, 2024 at 11:03 am
Ethereum's price has plunged below $3,000, testing the $2,940 support level. However, a recovery is possible if resistance levels at $3,000 and $3,030 are breached. Currently, the price remains below $3,050 and the 100-hourly Simple Moving Average, but a breakout above a key bearish trend line at $2,980 offers hope for an upward trend towards $3,220.
Ethereum Consolidates Below $3,000, Poised for Further Recovery
London, United Kingdom - Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been displaying a bearish trajectory and has recently breached the $3,000 support level. Despite this dip, analysts remain optimistic about ETH's potential for recovery in the near term.
Ethereum's price action has been dictated by a bearish trend line with resistance at $2,980 on the hourly chart (data via Kraken). However, a recent breakout above this trend line suggests that a bullish reversal may be imminent.
Immediate resistance for ETH is encountered at the $3,000 level, which coincides with the 23.6% Fibonacci retracement level from the recent swing high of $3,218 to the swing low of $2,936. The next key resistance is situated at $3,030, which aligns with the 100-hourly Simple Moving Average (SMA).
If ETH can decisively surpass the $3,030 level, it could gain momentum and potentially rally towards $3,150. A further breakout above $3,150 could pave the way for a retest of the $3,220 resistance.
However, if Ethereum fails to overcome the $3,030 resistance, it could face further downward pressure. The initial support on the downside lies at $2,965, followed by the critical support zone at $2,940.
A clear breach below $2,940 could trigger a more pronounced decline towards $2,880. Subsequent losses could push the price towards $2,720 and even $2,650 in the near term.
Technical indicators provide further insights into ETH's price dynamics. The hourly Moving Average Convergence Divergence (MACD) indicator is losing momentum within the bearish zone, hinting at a potential shift in trend. The hourly Relative Strength Index (RSI) is positioned below the 50 level, indicating that the bears maintain a slight advantage.
Despite the recent weakness, many analysts believe that Ethereum's fundamentals remain strong. The upcoming London hard fork, scheduled for July 2021, is expected to bring significant upgrades to the network, including fee reduction and network optimization.
It is important to note that cryptocurrency markets are highly volatile and unpredictable. Investors should conduct thorough research and consult with financial advisors before making any investment decisions. The information provided in this article is solely for educational purposes and does not constitute investment advice.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Bitcoin Slips into Network Slumber, But Post-Halving Surge Gleams on the Horizon
- May 21, 2024 at 02:00 am
- Bitcoin Network Activity Declines Sharply, But Technical Analysis Hints at Potential Post-Halving Surge Amidst a generally stagnant price movement, Bi
-
- ETFSwap Poised to Beat the Heat of Fantom and Cardano in Digital Realm
- May 21, 2024 at 02:00 am
- ETFSwap Poised to Surpass the Success of Fantom and Cardano in the Digital Market ETFSwap (ETFS), an innovative platform that democratizes access to c
-
- Manta Airdrop Launches: Revolutionizing Privacy-Conscious Blockchain Transactions
- May 21, 2024 at 01:50 am
- Manta Airdrop: A Revolutionary Shift in Privacy-Centric Blockchain Transactions Introduction Manta Network, a trailblazing platform dedicated to prese
-
- Bitcoin Bullish Ascent: Analysts Predict Further Gains to $70,000
- May 21, 2024 at 01:48 am
- Bitcoin's Bullish Ascent: Analysts Predict Further Gains New York, March 29, 2023 - Bitcoin, the world's largest cryptocurrency, continued its upward
-
- Shiba Inu's Rebound Raises Hopes for $0.001 Threshold
- May 21, 2024 at 01:47 am
- Shiba Inu's Resurgence Raises Speculations of $0.001 Threshold New York, May 21, 2024 - Shiba Inu, the meme-inspired cryptocurrency, has witnessed a r
-
- PONKE: Solana's Meme Coin with an Ambitious Roadmap
- May 21, 2024 at 01:46 am
- PONKE: A Solana-Based Meme Coin with an Ambitious Vision Introduction In the ever-evolving realm of cryptocurrencies, PONKE has emerged as a meme coin
-
- Bitcoin's Roller-Coaster Ride: Scaling Heights, Navigating Pullbacks
- May 21, 2024 at 01:45 am
- Bitcoin's Volatile Ride: Surging to New Heights and Navigating Corrections As the global cryptocurrency market continues to experience volatility, Bit
-
- Unveiling the Cryptocurrency Market's Hidden Gems: Top Altcoins for Astute Investors
- May 21, 2024 at 01:45 am
- Unveiling the Top Cryptocurrencies for Astute Investors: A Comprehensive Guide As the cryptocurrency landscape continues its unwavering ascent, discer
-
- Toncoin Surges Past Bitcoin, Soaring 160% in a Market Dominance Run
- May 21, 2024 at 01:43 am
- Toncoin Soars Past Bitcoin, Gaining 160% in a Remarkable Run LUCKNOW, India (CoinChapter.com) - In a stunning display of market dominance, Toncoin (TO