HomeEthereumEthereum Price Expected to Break Out, Turning Sentiment Bullish

Ethereum Price Expected to Break Out, Turning Sentiment Bullish


Ethereum Price Analysis and Forecast

The price of Ethereum is on the move again, with ETH eyeing an upside break above the $2,900 level. After struggling to settle above $3,000, Ethereum experienced a decline below key support levels but found strong support near $2,860. Now, the price is slowly moving higher and consolidating losses.

Currently trading below $2,950 and the 100-hourly Simple Moving Average, Ethereum faces immediate resistance near the $2,900 level. A key bearish trend line with resistance at $2,905 is forming on the hourly chart of ETH/USD. An upside break above this trend line could push the price towards the $2,925 level and the 100-hourly Simple Moving Average.

If Ethereum manages to close above the $2,940 and $2,950 resistance levels, it could see a decent increase towards $3,000 and potentially test the $3,050 resistance. However, failure to clear the $2,925 resistance may result in another decline, with initial support near $2,880 and major support at $2,860.

Technical indicators show that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is below the 50 level. The next key resistance sits at $2,950, and any further gains could propel Ethereum towards the $3,150 resistance zone.

In the event of a clear move below the $2,810 support, Ethereum could face further losses towards $2,740 and potentially the $2,650 level in the near term. Traders and investors will be closely watching these key levels as Ethereum continues its price action.


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