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Ethereum (ETH) Price Analysis: Facing Barriers, What Are the Key Levels? – April 13, 2022

Ethereum attempts an upside correction above $3,000
 Ethereum (ETH) Price Analysis: Facing Barriers, What Are the Key Levels?  – April 13, 2022
READING NOW Ethereum (ETH) Price Analysis: Facing Barriers, What Are the Key Levels? – April 13, 2022

Ethereum attempts an upside correction above $3,000. According to technical analysis by NewsBTC’s Aayush Jindal, ETH price must surpass $3,130 and the 100 hourly SMA to continue higher.

Ethereum Faces Barriers

Ethereum formed a bottom above the $2,950 level and started a fresh increase. There was a move above the $3,020 resistance and ETH managed to clear the 23.6% Fib retracement level of the low from the $3,310 low to $2,951 low. Besides, there was a break above a key bearish trend line with resistance near $3,035 on the hourly chart of ETH/USD.

$3,130 Crucial

The price is currently trading above the $3,050 level. An initial resistance is seen near the $3,085 level. The next major resistance is near the $3,130 level and the 100 hourly simple moving average. This is close to the 50% Fib retracement level of the drop from the $3,310 low to $2,951 low. A close above the $3,130 level and the 100 hourly simple moving average could start a decent recovery wave.

The next major resistance could be near $3,170. A clear move above the $3,170 resistance could set the pace for a move above the $3,200 level. In the indicated case, the price could climb above the $3,250 zone.

Will Ethereum Drop More?

Jindal says that if Ethereum fails to start a recovery wave above the $3,130 level, it could start a fresh decline. According to him, an initial support is near the $3,020 region. The next major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could start another decline. In such a scenario, there is a risk of a move towards the $2,840 level.

What Do Technical Indicators Say?

  • Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is now above the 50 level.
  • Major Support – $2,950
  • Major Resistance – $3,130

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