Cryptocurrency market closely monitors the movement of Ethereum. The price of Ethereum has initiated a strong recovery wave above the $3,000 level, giving hope to investors. However, there is curiosity about how long this upward trend will continue and what levels it can reach.
Ethereum Surpasses $3,100
According to recent data, Ethereum found support at the $2,820 level and experienced a strong recovery from there. Currently, the price is trading above $3,100 and is also above the 100-hour Simple Moving Average. This indicates that bulls have taken control of the market.
Looking at the four-hour chart, an important upward trend line is identified at the $3,110 level. This indicates that Ethereum is in an upward trend and may gain potential momentum. However, there are a few resistance levels to watch out for at this point.
Critical Resistance Ahead for ETH
In particular, the $3,165 resistance zone stands as a critical obstacle for Ethereum. Currently, the fact that the price is trading near this level indicates that bears are still active in the market. However, if bulls continue to exert their strength and manage to surpass this resistance zone, they can gain momentum.
The first major resistance level is around $3,200, and surpassing this will be a significant achievement for the bulls. Next, the $3,250 level emerges as the next critical resistance, and surpassing this level can drive the price even higher.
Is the Next Destination for ETH a Decline?
Failure to surpass the critical resistance can bring about price declines for Ethereum. Currently, the first support level in the downward direction is near $3,100 and the trend line. However, in a more serious bearish scenario, it is important to pay attention to the $3,000 region and the main support level at $2,940. A clear break below this level can push the price towards $2,820 and further losses can bring the price down to $2,650 in the short term.
Looking at the technical indicators, the four-hour MACD for ETH/USD is losing momentum in the bullish zone, and the four-hour RSI is currently above the 50 level. These indicators highlight the market’s uncertainty and indicate recent fluctuations.
Uncertainty prevails in the short term in the Ethereum market. The surpassing of the $3,165 resistance level or the breaking of the main support level at $2,940 will be important factors in determining the direction of ETH in the coming days. The key support for ETH is $3,000, while the key resistance is $3,165.
Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
