Ethereum Price Trims Gains as Bitcoin Slump Drags Crypto Market
23 Junio 2024 - 10:58PM
NEWSBTC
Ethereum price struggled to climb above the $3,550 resistance and
trimmed gains. ETH gained bearish momentum alongside Bitcoin and
tested the $3,385 zone. Ethereum is trimming gains from the $3,550
resistance zone. The price is trading below $3,500 and the
100-hourly Simple Moving Average. There is a key bearish trend line
forming with resistance near $3,465 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could gain bearish momentum if it
dips below the $3,385 and $3,350 support levels. Ethereum Price
Dips Further Ethereum price struggled to start a fresh increase
above the $3,550 zone. ETH followed Bitcoin’s bearish path and the
price declined below the $3,500 level. The bears pushed the price
below the $3,420 support zone. A low was formed at $3,388 and the
price is now consolidating losses. It is struggling near the 23.6%
Fib retracement level of the recent decline from the $3,543 swing
high to the $3,388 low. There is also a key bearish trend line
forming with resistance near $3,465 on the hourly chart of ETH/USD.
Ethereum is now trading below $3,500 and the 100-hourly Simple
Moving Average. On the upside, the price might face resistance near
the $3,430 level. The first major resistance is near the $3,465
level and the trend line. The trend line is near the 50% Fib
retracement level of the recent decline from the $3,543 swing high
to the $3,388 low. The main resistance sits at $3,520 or $3,550. An
upside break above the $3,550 resistance might send the price
higher. The next key resistance sits at $3,650, above which the
price might gain traction and rise toward the $3,720 level. Any
more gains could send Ether toward the $3,880 resistance zone in
the coming days. More Downsides In ETH? If Ethereum fails to clear
the $3,465 resistance, it could start another decline. Initial
support on the downside is near $3,385. The first major support
sits near the $3,350 zone. A clear move below the $3,350 support
might push the price toward $3,220. Any more losses might send the
price toward the $3,100 level in the near term. Technical
Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum
in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below
the 50 zone. Major Support Level – $3,350 Major Resistance Level –
$3,465
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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