Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish
14 Mayo 2024 - 10:58PM
NEWSBTC
Ethereum price is eyeing an upside break above the $2,900 level.
ETH must settle above $2,900 and $2,940 to continue higher in the
near term. Ethereum is forming a base above the $2,860 support
zone. The price is trading below $2,950 and the 100-hourly Simple
Moving Average. There is a key bearish trend line forming with
resistance at $2,905 on the hourly chart of ETH/USD (data feed via
Kraken). The pair could start a decent increase if there is a close
above the $2,940 and $2,950 resistance levels. Ethereum Price Eyes
Fresh Increase Ethereum price struggled to settle above the $3,000
level and started another decline, like Bitcoin. ETH traded below
the $2,950 and $2,940 support levels. The price even traded below
$2,900. However, the bulls were again active near the $2,860
support zone. A low was formed at $2,860 and the price is now
consolidating losses. It is slowly moving higher above the $2,885
level. Ethereum is now trading below $2,950 and the 100-hourly
Simple Moving Average. Immediate resistance is near the $2,900
level. There is also a key bearish trend line forming with
resistance at $2,905 on the hourly chart of ETH/USD. The trend line
is close to the 23.6% Fib retracement level of the recent decline
from the $2,992 swing high to the $2,860 low. An upside break above
the trend line might send the price toward the $2,925 level and the
100-hourly Simple Moving Average. The first major resistance is
near the $2,940 level or the 61.8% Fib retracement level of the
recent decline from the $2,992 swing high to the $2,860 low.
Source: ETHUSD on TradingView.com The next key resistance sits at
$2,950, above which the price might gain traction and rise toward
the $3,000 level. If there is a clear move above the $3,000 level,
the price might rise and test the $3,050 resistance. Any more gains
could send Ether toward the $3,150 resistance zone. Another Drop In
ETH? If Ethereum fails to clear the $2,925 resistance, it could
start another decline. Initial support on the downside is near the
$2,880 level. The first major support is near the $2,860 zone. The
next support is near the $2,810 level. A clear move below the
$2,810 support might push the price toward $2,740. Any more losses
might send the price toward the $2,650 level in the near term.
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 below the 50 level. Major Support Level – $2,860 Major
Resistance Level – $2,925
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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