Ethereum Price Undergoes Technical Correction: Market Adjusts After Recent Increase
16 Mayo 2024 - 9:48PM
NEWSBTC
Ethereum price tested the $3,040 zone and corrected gains. ETH is
now testing the $2,925 support and might aim for a fresh increase.
Ethereum started a downside correction after the bears defended
$3,040. The price is trading below $2,960 and the 100-hourly Simple
Moving Average. There is a connecting bearish trend line forming
with resistance at $2,965 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could start a fresh increase unless there is
a close below the $2,925 support. Ethereum Price Dips Again
Ethereum price started a fresh increase above the $2,950 and $2,960
levels, like Bitcoin. ETH even cleared the $3,000 level before the
bears appeared near $3,040. A new weekly high was formed at $3,039
and the price recently started a downside correction. There was a
move below the $3,000 level. Ether dipped below the 50% Fib
retracement level of the upward move from the $2,860 swing low to
the $3,039 high. Ethereum is now trading below $2,960 and the
100-hourly Simple Moving Average. However, the bulls are active
near the $2,925 support and the 61.8% Fib retracement level of the
upward move from the $2,860 swing low to the $3,039 high. Immediate
resistance is near the $2,960 level. There is also a connecting
bearish trend line forming with resistance at $2,965 on the hourly
chart of ETH/USD. The first major resistance is near the $3,000
level. An upside break above the $3,000 resistance might send the
price higher. The next key resistance sits at $3,050, above which
the price might gain traction and rise toward the $3,150 level. If
there is a clear move above the $3,150 level, the price might rise
and test the $3,220 resistance. Any more gains could send Ether
toward the $3,350 resistance zone. More Losses In ETH? If Ethereum
fails to clear the $2,965 resistance and the trend line, it could
continue to move down. Initial support on the downside is near the
$2,925 level. The next major support is near the $2,900 zone. A
clear move below the $2,900 support might push the price toward
$2,850. Any more losses might send the price toward the $2,740
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
– $2,925 Major Resistance Level – $2,965
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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