Ethereum Price Plummets: Potential Recovery Hindered by Bearish Pressure
03 Julio 2024 - 10:28PM
NEWSBTC
Ethereum price failed to clear the $3,520 zone and started a fresh
decline. ETH dived below the $3,250 support and even tested the
$3,150 zone. Ethereum started a fresh decline below the $3,320 and
$3,250 levels. The price is trading below $3,250 and the 100-hourly
Simple Moving Average. There is a key bearish trend line forming
with resistance near $3,325 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could correct losses, but upsides might
be limited above the $3,320 zone. Ethereum Price Takes Hit Ethereum
price failed to continue higher above the $3,450 and $3,420
resistance levels. ETH started another decline below the $3,320
support zone like Bitcoin. There was a move below the $3,250 and
$3,220 support levels. The price declined 5% and even tested the
$3,150 support. A low was formed at $3,156 and the price is now
consolidating losses. There was a move above the $3,200 resistance
level. The price is now testing the 23.6% Fib retracement level of
the downward move from the $3,426 swing high to the $3,156 low.
Ethereum is trading below $3,300 and the 100-hourly Simple Moving
Average. If there is a recovery wave, the price might face
resistance near the $3,250 level. The first major resistance is
near the $3,300 level or the 50% Fib retracement level of the
downward move from the $3,426 swing high to the $3,156 low. There
is also a key bearish trend line forming with resistance near
$3,325 on the hourly chart of ETH/USD. The next major hurdle is
near the $3,365 level. A close above the $3,365 level might send
Ether toward the $3,450 resistance. The next key resistance is near
$3,500. An upside break above the $3,500 resistance might send the
price higher. Any more gains could send Ether toward the $3,550
resistance zone. Another Decline In ETH? If Ethereum fails to clear
the $3,320 resistance, it could continue to move down. Initial
support on the downside is near $3,200. The first major support
sits near the $3,150 zone. A clear move below the $3,150 support
might push the price toward $3,080. Any more losses might send the
price toward the $3,050 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 – $3,150 Major Resistance Level –
$3,320
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