Ethereum price failed to stay above $3,050 and tested $2,950. ETH is now attempting to recover but faces resistance near $3,150.
- Ethereum started a fresh decline after it failed to stay above $3,150.
- The price is trading below $3,120 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down if it settles below the $3,065 zone.
Ethereum Price Attempts Recovery
Ethereum price failed to continue higher above $3,200 and started a fresh decline, like Bitcoin. ETH price dipped below $3,150 and entered a bearish zone.
The decline gathered pace below $3,050 and the price dipped below $3,000. A low was formed at $2,941 and the price is now correcting some losses. There was a move above the 50% Fib retracement level of the recent decline from the $3,217 swing high to the $2,941 low.
Ethereum price is now trading below $3,120 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $3,150 level and the 76.4% Fib retracement level of the recent decline from the $3,217 swing high to the $2,941 low. There is also a key bearish trend line forming with resistance at $3,150 on the hourly chart of ETH/USD.
The next key resistance is near the $3,220 level. The first major resistance is near the $3,250 level. A clear move above the $3,250 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,150 resistance, it could start a fresh decline. Initial support on the downside is near the $3,065 level. The first major support sits near the $3,020 zone.
A clear move below the $3,020 support might push the price toward the $2,950 support. Any more losses might send the price toward the $2,880 region in the near term. The next key support sits at $2,750 and $2,740.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,065
Major Resistance Level – $3,150
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Dogecoin Turns and Faces Stiff Resistance at $0.08 Overhead Resistance Crypto News
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Polygon (MATIC) had been trending upwards for the best part of the week. The coin is, in fact, in the green over the last 7 days, and there were some analysts looking at a possible breakout. But MATIC was rejected at a crucial zone and this could spell doom for bulls. Here are the facts.
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After surging for the week, MATIC was rejected at $1.75.
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The coin has since fallen to $1.59 ever since.,
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It is likely MATIC will retest that zone again this week.
Data Source: Tradingview
Polygon (MATIC) – Understanding the uptrend
The recent uptrend in MATIC has been quite impressive. The entire market also seems to be on the up, with Ethereum and Bitcoin also seeing major gains. But it is clear that the momentum for MATIC has slowed. For most analysts, the goal for the coin was to surge past $1.75.
This would have signaled a strong bull run that could be sustained for longer. But MATIC was decisively rejected at $1.75 and has since retreated significantly to hit $1.56. The $1.75 is actually the 200-day EMA, while the $1.56 is slightly lower than the 50-day EMA.
It is conceivable that MATIC will bounce off between these two zones. We expect the coin to test $1.75 again this week. Whether this time round it will be successful remains to be seen. But a push above the 200 EMA will be the signal that bulls have taken over.
Is Polygon (MATIC) the future?
Polygon (MATIC) came out as an Ethereum scaling solution. It has since tried to fully diversify from its core business and is now creating new verticals in GameFI and NFTs.
It is not the biggest crypto asset of course. But it will remain among the top ten for a long time to come. This makes it a very decent investment for the longer term.
The post Polygon (MATIC) rejected at crucial overhead resistance – Is the uptrend losing momentum? appeared first on Coin Journal.
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LUNA is consolidating between the $85 and $95 range right now.
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At the time of writing, the coin was trading at $83.88, down around 6% in 24 hours.
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LUNA must overcome $95 for any run above $100 to materialize.
It’s now the second day in a row that Terra (LUNA) has opened in the red. The coin saw several bullish bursts at the start of March but right now, it seems like it has stagnated. Despite this, LUNA is approaching a crucial overhead resistance zone. Can it break above $100?
Data Source: Tradingview
Terra (LUNA) – How soon can it hit $100?
For now, it seems like the crypto market is recovering after the brutal volatility of the last few weeks. But the underlying factors that have shifted sentiment towards negative territory are still there. Inflation remains high and geopolitical tensions in Europe could hamper global economic recovery.
However, there is also a chance that investors may have already priced-in these headwinds in the last three weeks. As for LUNA, the most important thing will be to strike past $95. In recent days, the coin has been within a tight range of between $85 and $95.
A close above $95 will trigger enough bullish momentum that could take the stablecoin platform above $100. But despite this, momentum indicators, including the RSI are all bearish right now. We may see a drop towards the 50-day SMA of $75 before another surge.
Why is LUNA a good investment?
Terra (LUNA) is a stablecoin platform that has become increasingly integrated into the crypto market. It is also seen as the future of stablecoins and as such, there is massive investment potential here.
LUNA has been falling sharply in 2022. But it will reverse no doubt. If you have not bought it yet, this is the best time to consider the token.