[Bitop Market Review] Ethereum Price Analysis on April 30, 2024
1. Price Trend:
The Ethereum price struggled to recover above $3,350 and even failed to hold above $3,250, resulting in another downturn. It broke below $3,200 and tested the $3,120 area, forming a low point at $3,113. Currently, the price is consolidating near $3,200. However, bearish pressure remains active near the $3,240 and $3,250 levels, leading to another drop below the $3,200 mark. There are still significant obstacles around $3,200, with the trading price below both $3,200 and the 100-hour simple moving average. If Ethereum falls below the $3,170 support level, further downside is possible.
2. Potential Upside Opportunities:
Ethereum faces immediate resistance around the $3,200 level and the 100-hour simple moving average. The first major resistance is near $3,240, followed by a key resistance at $3,300. A breakthrough above this level could push the price towards $3,350. Breaking the $3,350 resistance might lead to a move towards $3,450. Further breakthroughs could test the $3,550 resistance and even push the price higher towards $3,620.
3. Potential Downside Risks:
If Ethereum fails to surpass the $3,250 resistance, initial support lies near the $3,170 level. The first major support is around the $3,120 area, followed by another significant support near $3,070. A clear break below $3,070 could push the price lower towards $3,030, and even result in a short-term decline to around $2,880.
4. Technical Indicators:
Hourly MACD — The MACD for ETH/USD is gaining momentum in the bearish region, indicating strengthening downward pressure, which could be interpreted as a potential bearish signal.
Hourly RSI — The RSI for ETH/USD is currently below the 50 level, suggesting relatively strong selling pressure.
Resistance levels:
First resistance: 3240
Second resistance: 3300
Support levels:
First support: 3120
Second support: 3070
Trading direction: Short
Entry position: 3280–3300
Stop loss: 3340
Take profit: 3150–3130
Trading direction: Long
Entry position: 3100–3080
Stop loss: 3040
Take profit: 3240–3260
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.
