Ethereum Price Turns Red: Is This a Temporary Dip?
04 November 2024 - 4:58AM
NEWSBTC
Ethereum price started a fresh decline below the $2,550 support.
ETH is struggling and might recover if it clears the $2,500
resistance zone. Ethereum started a fresh decline from the $2,650
resistance zone. The price is trading below $2,500 and the
100-hourly Simple Moving Average. There was a break above a
connecting bearish trend line with resistance at $2,450 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could
start a recovery wave if it surpasses the $2,500 and $2,550
resistance levels. Ethereum Price Takes Hit Ethereum price
struggled to stay above $2,550 and started a fresh decline like
Bitcoin. ETH declined below the $2,520 and $2,500 levels. It tested
the $2,420 support zone. A low was formed at $2,411 and the price
is now attempting to recover. There was a move above the $2,450
resistance zone. The price climbed above the 23.6% Fib retracement
level of the downward move from the $2,582 swing high to the $2,411
low. Besides, there was a break above a connecting bearish trend
line with resistance at $2,450 on the hourly chart of ETH/USD.
Ethereum price is now trading below $2,500 and the 100-hourly
Simple Moving Average. On the upside, the price seems to be facing
hurdles near the $2,500 level and the 50% Fib retracement level of
the downward move from the $2,582 swing high to the $2,411 low. The
first major resistance is near the $2,520 level. The main
resistance is now forming near $2,550. A clear move above the
$2,550 resistance might send the price toward the $2,600
resistance. An upside break above the $2,600 resistance might call
for more gains in the coming sessions. In the stated case, Ether
could rise toward the $2,650 resistance zone. Another Decline In
ETH? If Ethereum fails to clear the $2,500 resistance, it could
start another decline. Initial support on the downside is near the
$2,450 level. The first major support sits near the $2,400 zone. A
clear move below the $2,400 support might push the price toward
$2,350. Any more losses might send the price toward the $2,320
support level in the near term. The next key support sits at
$2,250. 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 – $2,420
Major Resistance Level – $2,500
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