{"id":21234,"date":"2024-11-18T03:38:13","date_gmt":"2024-11-18T03:38:13","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=21234"},"modified":"2024-11-18T03:38:13","modified_gmt":"2024-11-18T03:38:13","slug":"ethereum-price-confronts-barriers-to-a-new-surge-can-bulls-prevail","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=21234","title":{"rendered":"Ethereum Price Confronts Barriers to a New Surge\u2014Can Bulls Prevail?"},"content":{"rendered":"

Ethereum price started a downside correction below the $3,150 zone. ETH is now consolidating near $3,120 and might attempt a fresh increase.<\/em><\/p>\n

Ethereum started a short-term downside correction below the $3,150 zone.
\nThe price is trading below $3,200 and the 100-hourly Simple Moving Average.
\nThere is a short-term contracting triangle forming with resistance at $3,120 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a fresh increase if it remains stable above the $3,040 zone.<\/p>\n

Ethereum Price Eyes Fresh Increase<\/h2>\n

Ethereum price failed to start a fresh increase above the $3,250 zone and started a downside correction like Bitcoin<\/a>. ETH declined below the $3,150 and $3,120 support levels.<\/p>\n

The bears even pushed the price below the $3,040 zone. It tested the $3,000 support zone. A low was formed at $3,016 and the price is now consolidating losses. It climbed above the 23.6% Fib retracement level of the downward move from the $3,340 swing high to the $3,016 low.<\/p>\n

Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price seems to be facing hurdles near the $3,120 level. There is also a short-term contracting triangle forming with resistance at $3,120 on the hourly chart of ETH\/USD.<\/p>\n

The first major resistance is near the $3,180 level or the 50% Fib retracement level of the downward move from the $3,340 swing high to the $3,016 low. The main resistance is now forming near $3,220.<\/p>\n

<\/a><\/p>\n

A clear move above the $3,220 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.<\/p>\n

Another Decline In ETH?<\/h2>\n

If Ethereum fails to clear the $3,320 resistance, it could start another decline. Initial support on the downside is near the $3,060 level. The first major support sits near the $3,040 zone.<\/p>\n

A clear move below the $3,040 support might push the price toward $2,980. Any more losses might send the price toward the $2,920 support level in the near term. The next key support sits at $2,880.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n

Major Support Level \u2013 $3,040<\/p>\n

Major Resistance Level \u2013 $3,120<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price started a downside correction below the $3,150 zone. ETH is now consolidating near $3,120 and might attempt a fresh increase. Ethereum started a short-term downside correction below the $3,150 zone. The price is trading below $3,200 and the 100-hourly Simple Moving Average. There is a short-term contracting triangle forming with resistance at $3,120 […]<\/p>\n","protected":false},"author":0,"featured_media":21235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21234"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21234"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21234\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/21235"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}