Ethereum Price Hints at Downside Correction: Will Support Hold?
14 November 2024 - 4:28AM
NEWSBTC
Ethereum price started a downside correction from the $3,450 zone.
ETH is now consolidating and facing hurdles near the $3,250
resistance. Ethereum started a short-term downside correction from
the $3,450 zone. The price is trading above $3,120 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $3,240 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could continue to rise if
it remains stable above the $3,120 zone. Ethereum Price Hits
Support Ethereum price started a fresh increase above the $3,1200
resistance like Bitcoin. ETH was able to climb above the $3,220 and
$3,320 resistance levels to move further into a positive zone. It
even surged above the $3,400 level and traded to a new monthly
high. A high was formed at $3,445 before there was a minor
pullback. The price dipped below the $3,320 and $3,250 support
levels. A low was formed at $3,124 and the price is now
consolidating. Ethereum price is now trading above $3,120 and the
100-hourly Simple Moving Average. On the upside, the price seems to
be facing hurdles near the $3,230 level or the 50% Fib retracement
level of the recent decline from the $3,340 swing high to the
$3,124 low. There is also a connecting bearish trend line forming
with resistance at $3,240 on the hourly chart of ETH/USD. The first
major resistance is near the $3,260 level. The main resistance is
now forming near $3,320. A clear move above the $3,320 resistance
might send the price toward the $3,450 resistance. An upside break
above the $3,450 resistance might call for more gains in the coming
sessions. In the stated case, Ether could rise toward the $3,550
resistance zone. More Losses In ETH? If Ethereum fails to clear the
$3,250 resistance, it could start a downside correction. Initial
support on the downside is near the $3,150 level. The first major
support sits near the $3,120 zone. A clear move below the $3,120
support might push the price toward $3,050. Any more losses might
send the price toward the $3,000 support level in the near term.
The next key support sits at $2,880. Technical Indicators Hourly
MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major
Support Level – $3,120 Major Resistance Level – $3,250
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