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Saturday, February 17, 2024

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Ethereum Near Make-or-Break Levels, Why ETH Could Extend Losses

Ethereum failed to clear the $3,200 resistance against the US Dollar. ETH price is declining and might retest the $2,960 support zone in the near term.

Ethereum is struggling to clear the $3,190 and $3,200 resistance levels.
The price is now trading above $3,050 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,060 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if it fails to stay above the USD 3,050 support.

Ethereum Price Reaches Key Support
Ethereum attempted an upside break above the $3,200 resistance zone. However, ETH failed to gain momentum and formed a short-term top near the $3,196 level.
Ether price corrected gains and traded below the $3,150 support. There was a move below the 23.6% Fib retracement level of the upward move from the $2,833 swing low to $3,196 high. The price even declined below $3,120.
However, it is still trading above $3,050 and the 100 hourly simple moving average. There is also a trading above $3,050 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $3,100 level. The first major resistance is near the $3,150 level. The main resistance is still near the $3,200 level. A successful close above $3,200 might start a steady increase. In the stated case, the price could rise towards $3,250. Any more gains might send the price towards the $3,320 level.
Downside Break in ETH?
If ethereum fails to start a fresh increase above $3,100 or $3,150, it could continue to move down. An initial support on the downside is near the $3,060 level, the 100 hourly simple moving average, and the trend line. The next major support is near the $3,020 level.
The 50% Fib retracement level of the upward move from the $2,833 swing low to $3,196 high is also near the $3,020 zone. A downside break below the trend line support and then $3,020 could start a major decline. The next major support is near the $2,960 level. Any more losses might call for a move towards $2,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,050
Major Resistance Level – $3,150

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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