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14 January, 2025

Ethereum Price Fluctuation: Navigating the $3,200 Hurdle

14 January, 2025

After a dip to the $2,920 mark, Ethereum (ETH) initiated a modest recovery. However, the path to higher prices remains challenging, with significant resistance levels looming. The current price trades below the crucial $3,250 level and the 100-hourly Simple Moving Average. A breach below a key bullish trend line, previously supporting the price at $3,240, signals a potential struggle to regain upward momentum above the $3,200 resistance. This follows a period where ETH failed to consolidate above $3,250, mirroring Bitcoin’s downward trajectory and dipping below the $3,120 and $3,000 support zones. The recent low of $2,920 marked a turning point, sparking the current recovery attempt. While ETH has surpassed the $3,000 and $3,050 resistance levels, and even cleared the 50% Fibonacci retracement level of the move from the $3,335 high to the $2,920 low, bears remain active below $3,200 and $3,220. The price currently faces resistance near $3,175, coinciding with the 61.8% Fibonacci retracement level.

Key Resistance Levels:

  • $3,200 (Immediate Resistance)
  • $3,240 (Major Resistance)
  • $3,350 (Significant Resistance)

A decisive break above $3,240 could propel ETH towards $3,350, potentially extending gains to $3,450 or even $3,500. Conversely, failure to surpass $3,200 could trigger another decline. Support levels to watch include $3,120, $3,050, $3,000, and critically, $2,920. A break below $3,050 might accelerate losses towards $2,880.

Technical Indicators:

  • Hourly MACD: Showing weakening bullish momentum.
  • Hourly RSI: Currently above 50, suggesting some upward pressure.

In summary: Ethereum’s short-term outlook hinges on its ability to overcome the $3,200 resistance. A sustained move above this level would signal a bullish resurgence, while failure to do so could lead to further price declines.