Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How
08 Mai 2024 - 6:16AM
NEWSBTC
Ethereum price is correcting gains from the $3,220 resistance. ETH
could start a fresh increase if it clears the $3,055 and $3,080
resistance levels. Ethereum started a fresh decline after it faced
resistance near $3,220. The price is trading below $3,100 and the
100-hourly Simple Moving Average. There is a key bearish trend line
forming with resistance at $3,055 on the hourly chart of ETH/USD
(data feed via Kraken). The pair must stay above the $3,000 support
to start another increase toward $3,220. Ethereum Price Revisits
$3K Ethereum price faced resistance at $3,220 and started a
downside correction, like Bitcoin. ETH declined below the $3,120
and $3,080 levels. It even tested the $3,000 support. A low was
formed at $3,005 and the price is now consolidating losses.
Ethereum is trading below $3,100 and the 100-hourly Simple Moving
Average. Immediate resistance is near the $3,050 level or the 23.6%
Fib retracement level of the recent drop from the $3,217 swing high
to the $3,005 low. There is also a key bearish trend line forming
with resistance at $3,055 on the hourly chart of ETH/USD. The first
major resistance is near the $3,080 level or the 100-hourly Simple
Moving Average. Source: ETHUSD on TradingView.com The next key
resistance sits at $3,120 or the 61.8% Fib retracement level of the
recent drop from the $3,217 swing high to the $3,005 low, above
which the price might gain traction and rise toward the $3,200
level. If there is a clear move above the $3,200 level, the price
might rise and test the $3,350 resistance. Any more gains could
send Ether toward the $3,500 resistance zone. More Losses In ETH?
If Ethereum fails to clear the $3,055 resistance, it could start
another decline. Initial support on the downside is near the $3,000
level. The first major support is near the $2,950 zone. The next
support is near the $2,920 level. A clear move below the $2,920
support might push the price toward $2,840. Any more losses might
send the price toward the $2,720 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 – $3,000 Major Resistance Level –
$3,080
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