Ethereum Price Faces Challenges: Will It Find Traction Soon?

Nov 20, 2024 04:00 am Cryptocurrency 161

Ethereum price struggled to extend gains above the $3,220 resistance zone. ETH is slowly moving lower and approaching the $3,060 support.

Ethereum is consolidating and facing hurdles near $3,200.

The price is trading below $3,120 and the 100-hourly Simple Moving Average.

There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase if it clears the $3,120 resistance zone.

Ethereum Price Dips Again

Ethereum price attempted an upside break above the $3,220 resistance but failed unlike Bitcoin. ETH started a fresh decline below the $3,150 and $3,120 support levels.

There was a move below $3,100 and the price tested $3,070. A low is formed at $3,069 and the price is now consolidating. It tested the 23.6% Fib retracement level of the recent decline from the $3,224 ..

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