Bittime - In the last few days, the price of Ethereum has been looking for balance. This situation still makes investors happy. However, it is clear that we are facing a significant challenge during this process: the $3,200 resistance level. Is Ethereum able to withstand this load?
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Ethereum At Critical Level
Ethereum has lost value while testing the $3,072 support area recently. However, in this search for balance, there seems little chance of a positive outcome in the short term.
There are indications that Ethereum is undergoing a recovery above the $3,125 support; however, it appears that ETH needs to overcome the critical resistance of $3,200.
In technical analysis, Ethereum's hourly chart shows the formation of a clear ascending channel. However, don't forget that maintaining the $3,140 support is important to stay within the boundaries of this channel; if the ETH/USD pair falls below the $3,125 support, a downward movement may occur.
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$3,200 Resistance Is Critical For ETH
Ethereum's resistance point will become clearer in the coming days. Notably, the $3,200 barrier area seems to be a pivotal point.
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However, if Ethereum manages to overcome this barrier, the $3,240 level may be the next important point. At this point, a rise towards the $3,280 level is possible. Passing this level, however, is necessary for a true uptrend.
So, what to monitor closely for Ethereum in the coming days is clear. A true recovery is nearly impossible if Ethereum does not clear the $3,200 resistance level. Breaking this resistance could mean that Ethereum may target the $3,500 resistance area.
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If Ethereum Can't Survive
Despite the recent uncertainty, Ethereum could face further downside if it cannot clear the $3,180 resistance.
Currently, the first support for the declining cryptocurrency is around $3,125, but a move below this level could lead to larger losses.
A break below Ethereum's first major support around $3,075 could increase selling pressure and direct the price towards the key support area around $3,030.
If this support is also broken, Ethereum could experience further downside and possibly return to levels around $2,880 in the short term.
How To Buy Ethereum (ETH) With Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with ETH IDR pairing.
To be able to buy ETH tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Ethereum (ETH) on Bittime.
Monitor price chart movements of Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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