Ethereum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-faces-hurdles-at-2950-mark">Ethereum Faces Hurdles at $2950 Mark</a><br></p>
<p style="text-align: justify">Ethereum has encountered significant resistance below the $2,950 mark, indicating a potential for further decline as the <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">market</a> exhibits bearish momentum. This recent development has stirred unease among <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">investors</a>, as a break below crucial support levels could signal a deeper drop.</p> 
<h2 style="text-align: justify" id="price-trends-and-market-resistance">Price Trends and Market Resistance</h2> 
<p style="text-align: justify">The cryptocurrency is currently trading below $2,920 and the 100-hour Simple Moving Average, reflecting a bearish trend. A crucial resistance line has been identified near $2,910 on the hourly chart, highlighting the ongoing struggle to surpass this threshold. Despite attempts, Ethereum’s <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">price</a> has not been able to break the $2,950 resistance consistently, with the highest recent spike touching $2,951 before facing a pullback.</p> 
<h2 style="text-align: justify" id="potential-downward-shifts">Potential Downward Shifts</h2> 
<p style="text-align: justify">Further resistance is anticipated near the $2,900 and $2,920 levels. Should Ethereum fail to breach these barriers, it might face a decline towards the $2,865 area, and possibly further down to $2,840. Key support levels are now placed around $2,780, and a drop below this might push the price towards the lower $2,650 range.</p> 
<h2 style="text-align: justify" id="insights-from-technical-analysis">Insights from Technical Analysis</h2> 
<p style="text-align: justify">Technical indicators illustrate a strengthening bearish momentum, with the hourly MACD for the ETH/USD pair deepening in the bearish zone. Furthermore, the Relative Strength Index is below 50, implying an increase in selling pressure.</p> 
<h2 style="text-align: justify" id="key-takeaways-for-ethereum-investors">Key Takeaways for Ethereum Investors</h2> 
<ul style="text-align: justify"> 
 <li>If Ethereum cannot hold the $2,865 support, expect potential drops to lower levels.</li> 
 <li>Monitoring the $2,950 resistance closely could provide clues about the next major price movement.</li> 
 <li><a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">Investors</a> should consider setting up stop-loss orders to manage risks associated with sudden price drops.</li> 
</ul> 
<p style="text-align: justify">As the market navigates this tumultuous period, the key resistance and support levels will play a critical role in determining Ethereum’s short-term price trajectory.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-faces-hurdles-at-2950-mark">Ethereum Faces Hurdles at $2950 Mark</a></h5>

Ethereum Faces Hurdles at $2950 Mark

Table of Contents

BH NEWS

Other articles published on May 13, 2024

Tether Expands Commitment to Eastern European Markets with New Investment in CityPay.io

Will I be Able to Retire on Crypto by 2030?

Floki Coin Sees Significant Growth and Voting Initiatives

Dogecoin Faces Potential Decline in Value

Toncoin (TON) to Face Correction After Recent All-Time High

Crypto Giant Susquehanna Plows $1.3 Billion into Bitcoin ETFs

Join our free newsletter for daily crypto updates!