Ethereum, the world’s second-largest cryptocurrency, has experienced a rollercoaster ride in the past few days. After reaching an all-time high of over $4,300 on May 12, ETH’s price took a major dive, falling over 10% to reach a low of $2,550. However, the bulls quickly stepped in and the price started to recover, with ETH now trading above $3,000 and facing resistance at $3,200.
The recent price movement of Ethereum can be attributed to the overall volatility in the cryptocurrency market. Bitcoin, the leading cryptocurrency, also experienced a major dip and has been struggling to accroissement its bullish momentum. However, Ether has shown resilience and is attempting a recovery wave from the $2,550 support zone.
The price of ETH has climbed above the $2,800 and $3,000 resistance levels, surpassing the 50% Fib retracement level of the downward move from its recent high of $3,615 to the low of $2,537. Nevertheless, Ethereum is still trading below the 100-hourly clair Moving Average, with immediate resistance at the $3,200 level. There is also a rising channel forming with resistance at $3,200 on the hourly chart of ETH/USD.
The first major resistance for ETH is near the $3,250 level, followed by the $3,300 level. If these levels are surpassed, Ether could test the $3,360 level and may even gain bullish momentum to reach the key hurdle at $3,500. In this scenario, ETH could potentially rise towards the $3,620 zone and even reach the $3,750 resistance.
On the other hand, if Ethereum fails to clear the $3,250 resistance, it could start another decline. The first major support on the downside is near the $3,000 zone, followed by the $2,880 level. A clear move below these levels may send the price towards $2,750 and, if the selling pressure persists, towards the $2,550 support level.
Overall, the technical indicators for ETH are showing mixed signals. The hourly MACD is losing momentum in the bearish zone, while the hourly RSI is now above the 50 level. Therefore, it is essential to closely monitor the price movement of Ethereum in the coming days to assess its potential for further recovery or decline.
In conclusion, despite the recent dip, Ethereum’s price is showing resilience and attempting to accroissement its bullish momentum. If the price manages to stay above the $3,000 support zone, it could possibly gain bullish momentum and reach new highs. However, if it continues to frimousse resistance and fails to break above the $3,250 level, a further decline may be expected. As always, investors should practice caution and conduct their own research before making any investment decisions.
