Ethereum Price Faces Rejection, Is This A Fresh Bearish Signal?
25 Abril 2024 - 1:06AM
NEWSBTC
Ethereum price failed to clear the $3,280 resistance zone. ETH
declined below the $3,200 support and is now consolidating losses
above $3,100. Ethereum struggled to clear the $3,250 and $3,280
resistance levels. The price is trading below $3,200 and the
100-hourly Simple Moving Average. There was a break below a key
bullish trend line with support at $3,190 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could continue to move
down if it trades below the $3,100 support. Ethereum Price Trims
Gains Ethereum price struggled to clear the $3,250 and $3,280
resistance levels. ETH started a fresh decline and traded below the
$3,200 support to enter a short-term bearish zone, like Bitcoin.
Besides, there was a break below a key bullish trend line with
support at $3,190 on the hourly chart of ETH/USD. The pair even
declined below $3,150 and tested $3,100. A low has formed at $3,105
and the price is now consolidating losses. Ethereum is now trading
below $3,200 and the 100-hourly Simple Moving Average. It is
testing the 23.6% Fib retracement level of the recent decline from
the $3,291 swing high to the $3,105 low. Immediate resistance is
near the $3,180 level and the 100-hourly Simple Moving Average. The
first major resistance is near the $3,200 level or the 50% Fib
retracement level of the recent decline from the $3,291 swing high
to the $3,105 low. Source: ETHUSD on TradingView.com The next key
resistance sits at $3,220, above which the price might gain
traction and rise toward the $3,250 level. A close above the $3,250
resistance could send the price toward the $3,280 resistance. If
there is a move above the $3,280 resistance, Ethereum could even
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 $3,200 resistance, it could continue to move down.
Initial support on the downside is near the $3,120 level. The first
major support is near the $3,100 zone. The main support is near the
$3,030 level. A clear move below the $3,030 support might increase
selling pressure and send the price toward $2,850. Any more losses
might send the price toward the $2,650 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 – $3,100 Major
Resistance Level – $3,200
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