[Bitop Review] Ethereum Price Dips: Bulls To Scoop Up the Opportunity?
1. Price Trend:
Ethereum’s price started to rise after stabilizing at $3,000. It even broke above the $3,050 level before bears appeared near $3,150. A new weekly high was formed at $3,144, and the price recently started a downward correction from the $3,150 area, breaking below the $3,100 level. Currently, it is trading above $3,000 and the 100-hour simple moving average. Unless it breaks below the $3,000 support level, Ethereum is likely to start rising again.
2. Potential Upside Opportunities:
Ethereum’s immediate resistance is near the $3,080 level. The first major resistance is near $3,150, and breaking this resistance could push the price higher. The next key resistance is at $3,200, and breaking this level could drive the price up to $3,250. If there is a clear break above $3,250, the price might rise and test the $3,320 resistance, or even move towards the $3,500 resistance.
3. Potential Downside Risks:
If Ethereum fails to break the $3,080 resistance, the initial support on the downside is near the $3,065 level, with the next major support near the $3,000 area. A clear break below the $3,000 support could push the price towards $2,980, or even lead to a short-term drop to the $2,860 level.
4. Technical Indicators:
Hourly MACD — The MACD for ETH/USD is losing momentum in the bullish zone, indicating that the upward momentum in the market might be weakening.
Hourly RSI — The RSI for ETH/USD is currently below the 50 level, suggesting that selling pressure is relatively strong.
Resistance levels:
First resistance: 3150
Second resistance: 3200
Support levels:
First support: 3065
Second support: 3000
Trading direction: Short
Entry position: 3140–3150
Stop loss: 3180
Take profit: 3090–3080
Trading direction: Long
Entry position: 3070–3050
Stop loss: 3020
Take profit: 3120–3140
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.
#eth #ethereum
