NewsBTC
Jan 30, 2025
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Ethereum Price Faces Resistance Below $3,220 After Recent Decline

Ethereum Price Update

  • Ethereum is struggling to stay above $3,220 and has started a decline below $3,120.
  • The current trading price is below $3,180 and the 100-hourly Simple Moving Average.
  • A bearish trend line with resistance at $3,220 is forming on the hourly chart of ETH/USD.
  • Failure to maintain above $3,200 may lead to further declines.

Resistance Levels

  • Recent high formed at $3,021; price corrected upward but faces resistance at $3,180.
  • Major resistance levels are at $3,200 and $3,220, with potential upside toward $3,320 if these levels are breached.
  • Further gains could see Ethereum rise to approximately $3,450 or $3,500.

Support Levels

  • Initial support near $3,0750; major support at $3,050.
  • A drop below $3,050 may push the price toward $3,020 and potentially $3,000, with key support at $2,950.

Technical Indicators

  • MACD indicates losing momentum in the bearish zone.
  • RSI is above the 50 mark.