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Cryptocurrency News Articles
Ethereum Price Holding Above Support, Eyes $3,300 Resistance
May 06, 2024 at 06:27 pm
Ethereum (ETH) has maintained support above $2,900 but faces resistance near $3,300 and the 50-day moving average. A decisive break above these levels could lead to further gains towards $3,500, while a decline below $2,900 could trigger a drop to $2,620 or even $2,200.
Ethereum Price Holding Above Support, Resistance Emerges at $3,300
New Delhi, India - Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has maintained its position above the key support level of $2,900. However, its progress has been hampered by resistance near $3,300, raising concerns about a potential decline if this barrier is not overcome.
Sustained Support at Crucial Level
In the past few days, Ethereum has remained within a range below the $3,350 resistance. While bulls initially attempted to push the price higher, their efforts were met with resistance at both $3,350 and the 50-day simple moving average (50-DSMA). This resulted in ETH experiencing a downside correction, falling below $3,000.
However, bulls regained control near the $2,900 support level, preventing a close below the 61.8% Fibonacci retracement level of the upward move from $2,172 to $4,082. This action indicates that buyers are still active in the market and are determined to defend this key support zone.
Resistance Hurdles Emerge
As ETH moves higher, it faces several resistance levels at $3,250, $3,300, and the 50-DSMA. Additionally, a crucial bearish trend line on the daily chart poses a significant obstacle at $3,300.
To initiate a sustained rally, ETH must break above the $3,300 resistance zone and the 50-DSMA. If this occurs, the price could potentially reach $3,500, followed by $3,630 and $3,920. A clear突破 $3,920 could propel ETH towards $4,080.
Downside Risks Linger
Conversely, if ETH fails to overcome the $3,300 resistance and the 50-DSMA, it could experience another decline. Immediate support is located at $3,000, followed by the critical $2,900 zone.
A break below $2,900 could trigger a further decline towards the 76.4% Fibonacci retracement level of the upward move from $2,172 to $4,082 at $2,620. Failure to hold this level could lead to a drop towards the $2,200 support level.
Overall Outlook
Ethereum price is currently facing significant resistance near $3,300 and the 50-DSMA. If ETH continues to struggle at these levels, there is a risk of a larger decline towards $2,620 and potentially $2,200. However, if bulls can overcome these obstacles, the price could resume its uptrend and target higher levels.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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