Ethereum Struggles to Recover Amid Market Fluctuations
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Israel-Iran tensions continue as Ethereum‘s price on Binance dropped to $2865 overnight, now challenging the $3000 resistance level. Ethereum’s price is still consolidating around $3000. However, if bulls overcome the $3100 resistance, ETH could enter a stable rise.
Altcoin Ethereum Price Struggles for Recovery
The cryptocurrency Ethereum is still in a recovery effort, but the price remains below the $3000 level. In the hourly chart for the ETH/USD pair, there is a significant downtrend line formed at the $3070 resistance. A close below the $2850 support zone could signal further price declines.
Amid the Israel-Iran tensions, there was a moment when the price fell below the $2900 support, even dropping to $2865. However, the price is currently recovering its losses. The immediate resistance is around $3000, with the first major resistance at $3070, near the 100-hour Simple Moving Average.
In the altcoin world, Ethereum’s next significant resistance is around $3120, which could lead to a rise towards $3200. Subsequently, the critical resistance at $3280 could initiate a move towards $3350. If the $3350 resistance is breached, Ethereum could climb up to $3550.
Further Losses in ETH Could Lead to These Price Levels
Ethereum (ETH), if unable to surpass the $3000 resistance, might show another downtrend. Currently, the first downward support is near $2920. However, in a more severe drop, the first major support is close to the $2850 area.
A significant move below the $2850 support level could bring the price down to $2620. Further losses from this point could soon pull the price to $2550.
Technical Indicators Also Point to a Downturn
Examining technical indicators, the hourly MACD is gaining momentum in the bearish zone for the ETH/USD pair. Similarly, the hourly RSI (Relative Strength Index) is currently below the 50 level.
The main support level is set at $2850, while the primary resistance level is seen at $3100.
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