5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-02 | Selina Mathew
The Ethereum price is encountering resistance.
Just under the pivot mark of $2,850, Ethereum has taken a negative turn. ETH dropped below the $2,800 support level as well as the 100 hourly simple moving average.
Prior to the bulls emerged, it traded as low as $2,718. The price of ether began an upward correction and surged beyond the $2,750 mark. The pricing was able to break beyond the $2,800 barrier. A convincing rise over the 23.6 percent Fib retracement level of the crucial fall from the $2,980 swing high to the $2,718 low was observed.
Furthermore, on the hourly chart of ETH/USD, there was a break above a strong negative trend line with resistance above $2,750. The currency pair is now stabilising over $2,820 as well as the 100 hourly simple moving average.
On the upswing, an early resistance level is identified near $2,850. It is close to the 50% Fib retracement level of the major slide from the $2,980 swing high to the $2,718 low. The next significant resistance is located at $2,880. A clean break over the $2,880 barrier level may signal the start of new uptrend.
On the upside, the next big resistance level might be $2,920. Any more advances might push the price towards the $3,000 barrier level in the near term.
A New Drop-in ETH?
If Ethereum fails to break over the $2,850 resistance level, it may begin a new drop. On the downside, an early support level is at $2,800.
The first big support is around $2,750. If the price breaks underneath the $2,750 support, it may return to the critical $2,720 support zone. Any further losses might pave the way for a greater drop towards the $2,650 or possibly $2,620 mark.
Measures of Technical Performance
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ETH/USD 1 DAY PRICE CHART - COINMARKETCAP.COM
Hourly MACD - The ETH/USD MACD is presently losing steam in the positive zone.
RSI on an hourly basis — The RSI for ETH/USD is over 50.
$2,800 for Major Support
$2,850 is the major resistance level.
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