Ethereum Price Bottom Signal: Is a Recovery on the Horizon?
25 Juni 2024 - 5:28AM
NEWSBTC
Ethereum price extended losses below the $3,320 support. ETH tested
the $3,240 support and is now eyeing a decent increase above the
$3,380 resistance. Ethereum extended losses and tested the $3,240
support zone. The price is trading below $3,400 and the 100-hourly
Simple Moving Average. There is a key bearish trend line forming
with resistance near $3,440 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could attempt a decent increase above
the $3,380 and $3,400 resistance levels. Ethereum Price Founds
Support Ethereum price struggled to start a fresh increase above
the $3,500 zone. ETH followed Bitcoin’s bearish path and the price
declined below the $3,350 level. The bears pushed the price below
the $3,320 support zone. A low was formed at $3,230 and the price
is now correcting losses. There was a minor upward move above the
$3,300 and $3,320 levels. The price climbed above the 23.6% Fib
retracement level of the recent drop from the $3,517 swing high to
the $3,230 low. Ethereum is still trading below $3,450 and the
100-hourly Simple Moving Average. On the upside, the price might
face resistance near the $3,375 level or the 50% Fib retracement
level of the recent drop from the $3,517 swing high to the $3,230
low. The first major resistance is near the $3,450 level. There is
also a key bearish trend line forming with resistance near $3,440
on the hourly chart of ETH/USD. The main resistance sits at $3,540.
An upside break above the $3,540 resistance might send the price
higher. The next key resistance sits at $3,620, above which the
price might gain traction and rise toward the $3,650 level. Any
more gains could send Ether toward the $3,720 resistance zone in
the coming days. Another Decline In ETH? If Ethereum fails to clear
the $3,450 resistance, it could start another decline. Initial
support on the downside is near $3,325. The first major support
sits near the $3,24 zone. A clear move below the $3,240 support
might push the price toward $3,200. Any more losses might send the
price toward the $3,120 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 above the
50 zone. Major Support Level – $3,240 Major Resistance Level –
$3,450
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