Ethereum Tests $3,049 Support Level, Key Rebound at Stake
- Critical Support Testing: Ethereum is currently testing the $3,049 support level after facing strong selling pressure at $3,143, and a break below this level could lead to a decline towards the $2,944 to $2,928 support zone, potentially impacting investor confidence and market sentiment.
- Price Volatility Analysis: Over the past 24 hours, Ethereum's price has dropped by over 1%, yet it remains approximately 6% higher compared to the past week, indicating that short-term volatility may affect the stability of long-term trends.
- Rebound Demand: Bulls need to push the price above $3,300 to regain control of the higher timeframe trend, as the current price remains below the 200-day EMA at $3,357, suggesting ongoing pressure on the long-term trend.
- Support Range Focus: If the $3,049 support level fails, the market may refocus on the major support zone at $2,600, which has acted as a floor multiple times over the past two months, and a break below this level could trigger a more significant market adjustment.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH) As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 733.002 | 1240.401 | 1699.842 | 2207.241 | 2666.682 | 3174.081 | 3633.522 |
| Fibonacci | 1240.401 | 1609.734 | 1837.908 | 2207.241 | 2576.574 | 2804.748 | 3174.081 |
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