Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-key-price-levels-and-potential-declines/" data-wpel-link="internal">Ethereum Faces Key Price Levels and Potential Declines</a><br></p>
<p style="text-align: justify">The recent rise in cryptocurrencies has also affected <a href="https://en.coin-turk.com/ethereum-whale-holdings-reach-all-time-high-amid-market-volatility/" data-wpel-link="internal">Ethereum</a>. ETH surpassed the $3,200 resistance in its last increase. However, a retraction occurred thereafter. At the time of writing, Ethereum was trading at $3,060, which signifies an approach towards critical support. What are the critical levels to watch for ETH today?</p> 
<h2 style="text-align: justify" id="critical-hurdles-in-ethereum-s-price">Critical Hurdles in Ethereum’s Price</h2> 
<p style="text-align: justify">Before bears emerged, Ethereum had climbed above the $3,150 and $3,200 levels. However, the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> dropped below $3,120, creating a perception among <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> of a potential further decline.</p> 
<p style="text-align: justify">Ethereum’s price climbed above the $3,150 and $3,200 levels, testing the $3,220 resistance area. However, the peak formed at $3,217, and the price initiated a downward correction. This correction continued with a move below $3,150, pulling the price under the $3,120 support. Looking at the hourly chart, there is a break below the major bullish trend line at the $3,120 support. This increased bear control and helped push the price to lower levels.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-348494 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/eth-1.png" alt="" width="1828" height="794"></p> 
<p style="text-align: justify">Currently, the immediate resistance level for Ethereum is at $3,050. However, if bulls regain control and push the price above $3,220, further gains could be realized, and Ethereum could move towards the $3,500 resistance area.</p> 
<h2 style="text-align: justify" id="declines-for-ethereum-could-bring-prices-below-3-000">Declines for Ethereum Could Bring Prices Below $3,000</h2> 
<p style="text-align: justify">In the world of altcoins, Ethereum’s failure to surpass the $3,120 resistance level could lead to another downtrend. Currently, the first support in the ETH/USD pair is around $3,025. However, a break below this level could pull the price further down.</p> 
<p style="text-align: justify">Particularly, the main support area at $2,950 is of critical importance. If this support is broken, the price is likely to drop towards $2,820. In this case, further losses could potentially bring ETH down to $2,650 in the short term.</p> 
<p style="text-align: justify">Technical indicators also support this potential downward trend. The hourly MACD metric is losing momentum in the bullish zone for ETH/USD. Similarly, the hourly RSI (Relative Strength Index) is currently below the 50 level, indicating increased selling pressure.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-faces-key-price-levels-and-potential-declines/" data-wpel-link="internal">Ethereum Faces Key Price Levels and Potential Declines</a></h5>

Ethereum Faces Key Price Levels and Potential Declines

Table of Contents

COINTURK NEWS

Other articles published on May 7, 2024

This AI token skyrockets after Warren Buffet’s comments

Bitcoin Welcomes Global Traditional Finance As Borroe Finance Spurs Market Excitement

Predictive Indicator Forecasts Next Move for Bitcoin (BTC): Unveiling the Crypto Market’s Future

Stablecoins (USDT, USDC, DAI) Future in Payments Questioned: New Research Insights

First bitcoin mining pool adds Stratum V2 feature to circumvent Bitmain

How Mantle (MNT) Makes a Comeback: Rebranding after MYSO (MYT) Token Distribution

Join our free newsletter for daily crypto updates!