Ethereum

Resistance

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereums-struggle-with-major-resistances" rel="noopener noreferrer nofollow">Ethereum’s Struggle with Major Resistances</a><br></p>
<p style="text-align: justify">Ethereum, a leading name in the cryptocurrency <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">market</a>, has recently shown signs of recovery from a support level of $2,865, sparking interest among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investors</a> and analysts. This recovery follows a significant drop in its price, aligning with the trends observed in other major cryptocurrencies like <a href="https://en.bitcoinhaber.net/what-to-expect-for-bitcoin-price-after-fed-chairmans-statement" rel="noopener noreferrer nofollow">Bitcoin</a>. The key challenge now lies in surpassing the resistance area around $2,960, which could potentially initiate a new upward trend.</p>
<h2 style="text-align: justify" id="can-ethereum-sustain-its-recovery">Can Ethereum Sustain Its Recovery?</h2>
<p style="text-align: justify">Despite Ethereum’s attempt to break above $2,980 and test the $3,000 level, it currently faces a minor correction. Trading below $2,950 and the 100-hour simple moving average, Ethereum finds itself at a critical juncture. The resistance at $2,950 and another declining trend line on the same chart are significant hurdles that must be overcome to maintain upward momentum.</p>
<h2 style="text-align: justify" id="what-happens-if-resistance-holds">What Happens If Resistance Holds?</h2>
<p style="text-align: justify">If Ethereum fails to break the $2,950 resistance level, it might enter a downtrend. The immediate support is around $2,930, with further significant levels near $2,900. A drop below these could see prices descending towards $2,740, and in a more severe loss scenario, reaching down to $2,650.</p>
<h2 style="text-align: justify" id="user-centric-inferences">User-centric Inferences</h2>
<ul style="text-align: justify">
 <li>If Ethereum surpasses the $2,950 resistance, it could rise above $3,000 and possibly reach higher resistance levels at $3,050 and beyond.</li>
 <li>A failure to exceed $2,950 could lead to a price pullback towards $2,740 or lower.</li>
 <li>Monitoring the $2,950 resistance closely could provide traders with clues on Ethereum’s short-term price direction.</li>
</ul>
<p style="text-align: justify">Technical indicators signal a potential downtrend for the ETH/USD pair. The 4-hour MACD is gaining momentum in the bearish zone, suggesting a possible decline, while the 4-hour RSI remains below 50, indicating increased selling pressure. However, all hope is not lost. If Ethereum manages to break above the crucial resistance at $2,950, it could potentially trigger a new bullish trend and push the price above $3,000.</p>
<p style="text-align: justify">The ongoing fluctuations in Ethereum’s price highlight the volatile nature of cryptocurrency <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">markets</a> and the importance of resistance and support levels in determining price movements. <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">Investors</a> and traders must keep a close eye on these technical levels and market trends to make informed decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereums-struggle-with-major-resistances" rel="noopener noreferrer nofollow">Ethereum’s Struggle with Major Resistances</a></h5>

Ethereum’s Struggle with Major Resistances

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