[Bitop Market Review] Ethereum Price Analysis on May 07, 2024
1. Price Trend:
Ethereum’s price continued to climb above $3,150 and $3,200. It even tested the resistance at $3,220 before encountering bearish pressure. After reaching a high of $3,217, the price began a corrective decline, falling below the $3,150 level as bears pushed it down to support at $3,120. A low was formed at $3,025, and the price is currently consolidating losses, trading below $3,120 and the 100-hour simple moving average. Ethereum must hold above the support at $3,020 to resume its upward movement towards $3,220.
2. Potential Upside Opportunities:
The immediate resistance for Ethereum is around $3,070, with the first major resistance near $3,120 and the next key resistance at $3,170. A breakthrough at this level could propel the price towards $3,220. If bulls continue to push the price above $3,220, it may target the resistance at $3,350 or even $3,500.
3. Potential Downside Risks:
If Ethereum fails to break above the $3,120 resistance, the initial support on the downside is around $3,025. The first major support is near the $3,000 region, followed by another significant support level around $2,950. A clear break below the $2,950 support could push the price towards $2,820 or even lead to a decline to the $2,650 level in the short term.
4. Technical Indicators:
Hourly MACD — The MACD for ETH/USD is losing momentum in the bullish zone, suggesting that the upward momentum in the market may be weakening, indicating a potential bearish signal.
Hourly RSI — The RSI for ETH/USD is currently below the 50 level, indicating relatively stronger selling pressure.
Resistance levels:
First resistance: 3120
Second resistance: 3170
Support levels:
First support: 3000
Second support: 2950
Trading direction: Short
Entry position: 3180–3190
Stop loss: 3230
Take profit: 3100–3090
Trading direction: Long
Entry position: 3070–3060
Stop loss: 3020
Take profit: 3150–3160
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.
#ethereum #eth #blockchain
