Ethereum

Cryptocurrency

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-faces-critical-price-movements-2/" data-wpel-link="internal">Ethereum Faces Critical Price Movements</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/zaman-doldu-bitcoinde-bugun-dananin-kuyrugu-kopuyor-fiyat-nasil-etkilenecek" data-wpel-link="internal">Cryptocurrency</a></strong> markets are often volatile, with <a href="https://coin-turk.com/spden-bitcoin-btc-ve-ethereum-eth-endeksi" data-wpel-link="internal">Ethereum</a> (<a href="https://en.coin-turk.com/ethereums-price-struggles-amid-regulatory-and-security-concerns/" data-wpel-link="internal">ETH</a>) at the center of these fluctuations. Today’s decline in <a href="https://coin-turk.com/michael-van-de-poppeden-bitcoinde-btc-direnc-vurgusu-analistten-kritik-uyari" data-wpel-link="internal">Bitcoin</a> prices also seems to have significantly impacted <a href="https://en.coin-turk.com/ethereum-hits-all-time-high-in-options-trading-volume/" data-wpel-link="internal">Ethereum</a>. Recent price movements indicate that ETH’s attempts to surpass the $3,650 resistance have been unsuccessful, causing concern among investors.</p> 
<h2 style="text-align: justify" id="ethereum-tests-a-critical-zone">Ethereum Tests a Critical Zone</h2> 
<p style="text-align: justify"><strong>Ethereum</strong> has been battling to break the $3,650 resistance, but faced a clear rejection at this level, falling below $3,550. It then quickly dropped below the $3,500 and $3,450 levels, eventually testing the $3,320 support zone.</p> 
<p style="text-align: justify">However, the $3,320 support level could be a lifeline for ETH. The price is showing signs of recovery from this level and is currently trading above $3,360. Yet, trading below the $3,500 level and the 100-hour Simple Moving Average highlights the difficulty of upward movement.</p> 
<h2 style="text-align: justify" id="overcoming-key-resistances-is-crucial-for-eth">Overcoming Key Resistances Is Crucial for ETH</h2> 
<p style="text-align: justify">On the upside, the immediate resistance for ETH is around $3,400. However, the first major resistance level is $3,420, close to the trend line. Beyond that, the key resistance at $3,450 could help the price gain momentum towards higher levels.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-336242 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/ethereum-coin-turk-com-2.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">However, surpassing the $3,650 resistance would be a significant achievement for Ethereum. In this case, we could expect ETH to climb towards the $3,720 resistance. Yet, a test of $3,880 might be required for further gains.</p> 
<h2 style="text-align: justify" id="short-term-outlook-not-so-bright">Short-Term Outlook Not So Bright</h2> 
<p style="text-align: justify">The short-term outlook for Ethereum does not seem very promising. If it fails to break the $3,420 resistance level, the likelihood of ETH continuing its downward trend is quite high. So, how long might this decline last and how far could it go?</p> 
<p style="text-align: justify">Currently, the first support level on the downside is around $3,320. However, if the real decline does not stop at these levels, we could see a deeper drop to the $3,250 zone. More importantly, we might witness a move towards the critical support level of $3,220. If this support is breached, ETH prices could fall further, potentially reaching as low as $3,120. Worse still, a drop to the $3,040 levels could be possible.</p> 
<h2 style="text-align: justify" id="what-are-the-key-support-and-resistance-levels">What Are the Key Support and Resistance Levels?</h2> 
<p style="text-align: justify">Technical indicators seem to support a bearish trend for ETH. The hourly MACD is losing momentum in the bearish zone for ETH/USD. The hourly RSI is also below the 50 level, indicating that the downward trend could continue.</p> 
<p style="text-align: justify">At this point, a clear break below the $3,320 support level could lead to further declines for ETH. However, if the $3,420 resistance level is breached, the market could have a chance to recover.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-faces-critical-price-movements-2/" data-wpel-link="internal">Ethereum Faces Critical Price Movements</a></h5>

Ethereum Faces Critical Price Movements

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