Ethereum Dips Further: Will the Slide Stop or Is ETH on a Rollercoaster?
29 Maio 2024 - 10:28PM
NEWSBTC
Ethereum price extended its downside correction below the $3,800
support. ETH is now approaching the $3,720 support and might aim
for a fresh increase. Ethereum extended its decline after it failed
to stay above the $3,880 zone. The price is trading below $3,880
and the 100-hourly Simple Moving Average. There is a key bearish
trend line forming with resistance at $3,800 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could continue to move
down if it breaks the $3,720 support. Ethereum Price Dips Further
Ethereum price started a downside correction below the $3,880
support zone, like Bitcoin. ETH dipped below the $3,850 and $3,800
support levels to move into a short-term bearish zone. There was
also a clear move below the 50% Fib retracement level of the upward
wave from the $3,630 swing low to the $3,974 high. Finally, the
price dipped below the $3,780 level. The bears are now aiming for a
move toward the $3,720 support. Ethereum price is now trading above
$3,800 and the 100-hourly Simple Moving Average. If there is a
fresh increase, ETH might face resistance near the $3,800 level.
There is also a key bearish trend line forming with resistance at
$3,800 on the hourly chart of ETH/USD. The first major resistance
is near the $3,840 level. An upside break above the $3,840
resistance might send the price higher. The next key resistance
sits at $3,900, above which the price might gain traction and rise
toward the $3,940 level. If there is a clear move above the $3,940
level, the price might rise and test the $4,000 resistance. Any
more gains could send Ether toward the $4,080 resistance zone. More
Losses In ETH? If Ethereum fails to clear the $3,800 resistance, it
could continue to move down. Initial support on the downside is
near the $3,720 level or the 76.4% Fib retracement level of the
upward wave from the $3,630 swing low to the $3,974 high. The next
major support is near the $3,625 zone. A clear move below the
$3,625 support might push the price toward $3,550. Any more losses
might send the price toward the $3,500 level in the near term.
Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining
momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is
now below the 50 zone. Major Support Level – $3,720 Major
Resistance Level – $3,800
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