[Bitop Market Review] Ethereum Price Analysis on April 26, 2024

1. Price Trend:

Ethereum’s price is struggling to recover and has widened its decline, testing the $3,075 support area. A low was formed around $3,074, and the price is attempting a rebound above the $3,125 region, showing slight upward movement above the $3,125 resistance level. However, bearish sentiment is active near the $3,200 resistance level, and currently, the trading price is below $3,180 and the 100-hour simple moving average. Ethereum needs to surpass the $3,200 resistance level to continue its upward trend in the short term. If the $3,125 support level is breached, further decline may occur.

2. Potential Upside Opportunities:

The immediate resistance for Ethereum is near the $3,180 level and the 100-hour simple moving average. The first major resistance is around $3,200, with the next key resistance at $3,240. A breakthrough above this resistance could lead to a price increase towards the $3,280 level. Breaking the $3,280 resistance may push the price towards the $3,350 resistance level. If the $3,350 resistance is breached, it could test the $3,500 resistance level, or even push the price towards the $3,550 resistance level.

3. Potential Downside Risks:

If Ethereum fails to break above the $3,180 resistance level, the initial support on the downside is near $3,125. The first major support is around the $3,075 area, followed by another significant support near $3,030. A significant break below the $3,030 support level could push the price towards $2,880, or even lead to a short-term decline to the $2,750 level.

4. Technical Indicators:

Hourly MACD — The MACD for ETH/USD is losing momentum in the bearish zone, indicating a weakening downward trend in the market, which could be seen as a potential bullish signal.

Hourly RSI — The RSI for ETH/USD is currently below the 50 level, suggesting relatively strong selling pressure.

Resistance levels:

First resistance: 3200

Second resistance: 3240

Support levels:

First support: 3125

Second support: 3075

Trading direction: Short

Entry position: 3100–3080

Stop loss: 3040

Take profit: 3170–3190

Trading direction: Long

Entry position: 3190–3200

Stop loss: 3240

Take profit: 3130–3100

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.