Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Investing

Ethereum is struggling with resistance at the $3100 level

Ethereum is struggling with resistance at the $3100 level

The price of Ethereum rose to the $3280 level on Monday. 

Ethereum chart analysis

The price of Ethereum rose to the $3280 level on Monday. We started a pullback and bearish consolidation after forming a high at that point. By the end of the day, we fell below the $3100 level. On Tuesday, the price remains under bearish pressure and continues down to $2990. We test the $3000 level in that zone and form a weekly low.

Our intention was successful, leading to a new positive consolidation and recovery of the Ethereum price up to the $3125 level. However, we now face resistance here and pull back to $3100, coinciding with the EMA50 moving average.

Falling below it, but maintaining above the $3080 level indicates the pressure in that zone. A bearish impulse and a drop to a new daily low could easily occur, influenced by the EMA50.

Ethereum is stable above $3080 for now; it needs an impulse to start a recovery.

Potential lower targets are $3050 and $3025 levels, and we may be testing the $3000 support zone again. Moving up to the $3150 level would make a significant step to the bullish side. We would be close to the weekly open price and by crossing above it, we return to the positive side. We get support from the EMA50, which further strengthens the optimism for further recovery.

Looking ahead, the $32000 level could serve as the next consolidation zone on the bullish path. If the price continues to rise, potential higher targets are the $3225 and $3250 levels. However, keep in mind that the EMA200 moving average around the $3250 level could pose additional resistance.

 

The post Ethereum is struggling with resistance at the $3100 level appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.









    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer: Oracleofomahasays.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Oracleofomahasays.com