Ethereum

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-key-resistance-and-support-levels/" data-wpel-link="internal">Ethereum Faces Key Resistance and Support Levels</a><br></p>
<p style="text-align: justify"><strong>Bitcoin</strong>’s drop below $63,000 continues to impact <a href="https://en.coin-turk.com/ftx-and-alameda-researchs-ethereum-transactions-draw-attention/" data-wpel-link="internal">Ethereum</a>’s <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a>. Recently, Ethereum faced resistance at $3,220, and began correcting the momentum gained. Currently, surpassing resistance levels at $3,055 and $3,080 could signal a new increase.</p> 
<h2 style="text-align: justify" id="ethereum-in-a-downtrend">Ethereum in a Downtrend</h2> 
<p style="text-align: justify">The recent downtrend has significantly affected Ethereum. The price has fallen below $3,100 and is trading under the 100-hour Simple Moving Average. A clear downtrend line on the hourly chart of ETH/USD indicates resistance below $3,000.</p> 
<p style="text-align: justify">In Ethereum’s current state, it is crucial to stay above the significant support level of $3,000. However, the price has tested this support and retreated to around $3,000. Currently, the price is showing consolidation movements around $3,005.</p> 
<p style="text-align: justify">For an upward movement, ETH needs to overcome the resistance at $3,080. If Ethereum can surpass these resistance levels and secure a clear move above $3,200, it is expected to rise and test the $3,350 resistance. In this scenario, Ethereum’s progression towards the $3,500 resistance zone is likely.</p> 
<h2 style="text-align: justify" id="key-supports-for-eth">Key Supports for ETH</h2> 
<p style="text-align: justify">Recent price fluctuations bring up the possibility of a downturn in Ethereum’s price. What scenarios could we face if Ethereum fails to surpass the $3,055 resistance level?</p> 
<p style="text-align: justify">Ethereum’s MACD is losing momentum in the bearish zone. This indicates a potential corrective movement in the price. Similarly, the hourly RSI is below the 50 level, suggesting increased selling pressure.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-348918 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/ethereum.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">Currently, Ethereum’s first support level is around $3,000. If this level is breached, the price is expected to fall to the $2,950 area. Subsequently, the $2,920 level emerges as the next critical support point. If this support breaks, Ethereum’s price could drop to $2,840. In a more negative scenario, the price could further decline to $2,720.</p> 
<p style="text-align: justify">However, with each downtrend, it is also necessary to consider the resistance levels Ethereum faces. Currently, the main resistance level is set at $3,080. If the price can surpass this level, ETH could initiate a rise to higher levels.</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-resistance-and-support-levels/" data-wpel-link="internal">Ethereum Faces Key Resistance and Support Levels</a></h5>

Ethereum Faces Key Resistance and Support Levels

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