Key Support Level at $3,200 Draws Market Interest
The post Key Support Level at $3,200 Draws Market Interest appeared on BitcoinEthereumNews.com.
TLDR Ethereum failed to break through $3,450 resistance and continued declining, now trading below $3,400 A bearish trend line has formed with resistance at $3,340 on the hourly chart First major resistance is at $3,475, with main resistance at $3,500 Key support levels are at $3,220, $3,150, and $3,000 Technical indicators show momentum in the bearish zone with RSI below 50 Ethereum’s price movement has captured market attention as the second-largest cryptocurrency by market capitalization tests key support levels. The digital asset recently experienced downward pressure, falling below the $3,400 mark after failing to breach resistance at $3,450. Trading data shows that Ethereum’s price action has established a new support zone around $3,200, with buyers stepping in to defend this level. The cryptocurrency formed a local bottom at $3,213, suggesting potential buyer interest at these prices. Market participants have observed increased trading volume as Ethereum tests these crucial price points. The hourly chart reveals a bearish trend line forming with resistance at $3,340, indicating short-term selling pressure remains active. Technical analysis of the ETH/USD pair shows the price trading below the 100-hourly Simple Moving Average, a commonly watched technical indicator. This positioning suggests bears maintain control of immediate price action. The cryptocurrency faces several resistance levels on its path to recovery. The first major hurdle appears at $3,350, followed by a more substantial resistance zone near $3,475. This level represents the 50% Fibonacci retracement of the recent decline from $3,743 to $3,213. Trading data indicates that a move above $3,500 could trigger renewed buying interest. Market analysts note that clearing this level might open the path toward $3,550 and potentially $3,650. Ethereum Price on CoinGecko The hourly Relative Strength Index (RSI) remains below the 50 mark, suggesting momentum favors sellers in the short term. However, oversold conditions could develop if…
Filed under: News - @ January 9, 2025 4:22 pm