Ethereum Price Takes Hit and Turns At Risk of Fresh Lows
13 Mayo 2024 - 12:47AM
NEWSBTC
Ethereum price is gaining bearish momentum below $2,950. ETH might
continue to move down toward the $2,550 support in the near term.
Ethereum struggled to clear the $2,950 resistance and started a
fresh decline. The price is trading below $2,920 and the 100-hourly
Simple Moving Average. There is a key bearish trend line forming
with resistance at $2,910 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could gain bearish momentum if there is a
move below the $2,850 support. Ethereum Price Extends Losses
Ethereum price failed to continue higher above the $2,950
resistance, like Bitcoin. A high was formed at $2,951 and the price
started a fresh decline. There was a steady decline below the
$2,920 and $2,900 levels. A low has formed at $2,864 and the price
is now consolidating losses. It is trading near the 23.6% Fib
retracement level of the downward move from the $2,951 swing high
to the $2,864 low. Ethereum is now trading below $2,950 and the
100-hourly Simple Moving Average. Immediate resistance is near the
$2,900 level. The first major resistance is near the $2,920 level
or the 50% Fib retracement level of the downward move from the
$2,951 swing high to the $2,864 low. There is also a key bearish
trend line forming with resistance at $2,910 on the hourly chart of
ETH/USD. The next key resistance sits at $2,950 and 100-hourly
Simple Moving Average, above which the price might gain traction
and rise toward the $3,020 level. Source: ETHUSD on TradingView.com
If there is a clear move above the $3,020 level, the price might
rise and test the $3,150 resistance. Any more gains could send
Ether toward the $3,250 resistance zone. More Losses In ETH? If
Ethereum fails to clear the $2,920 resistance, it could start
another decline. Initial support on the downside is near the $2,865
level. The first major support is near the $2,840 zone. The next
support is near the $2,780 level. A clear move below the $2,780
support might push the price toward $2,650. Any more losses might
send the price toward the $2,550 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 level. Major Support Level – $2,865 Major Resistance Level –
$2,920
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