Ethereum Price Retreats: Market Sentiment Slowly Shifts Bearish
21 Junho 2024 - 12:38AM
NEWSBTC
Ethereum price struggled to climb above the $3,650 resistance and
trimmed gains. ETH is now signaling a downside break and might
decline below $3,450. Ethereum is trimming gains from the $3,620
resistance zone. The price is trading below $3,550 and the
100-hourly Simple Moving Average. There was a break below a
short-term rising channel forming with support at $3,540 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could gain
bearish momentum if it dips below the $3,485 and $3,450 support
levels. Ethereum Price Trims Gains Ethereum price started a decent
increase above the $3,500 zone. ETH outperformed Bitcoin and broke
the $3,550 resistance. However, the price struggled to surpass the
$3,620 level and failed to test $3,650. A high was formed at $3,620
and the price is now trimming gains. There was a minor decline
below the $3,550 level. The price dipped below the 23.6% Fib
retracement level of the upward move from the $3,351 swing low to
the $3,620 high. There was a break below a short-term rising
channel forming with support at $3,540 on the hourly chart of
ETH/USD. Ethereum is still trading below $3,550 and the 100-hourly
Simple Moving Average. The bulls are now active near the $3,485
support zone and the 50% Fib retracement level of the upward move
from the $3,351 swing low to the $3,620 high. On the upside, the
price might face resistance near the $3,520 level. The first major
resistance is near the $3,560 level. The main resistance sits at
$3,620 or $3,650. An upside break above the $3,650 resistance might
send the price higher. The next key resistance sits at $3,720,
above which the price might gain traction and rise toward the
$3,750 level. Any more gains could send Ether toward the $3,880
resistance zone in the coming days. More Downsides In ETH? If
Ethereum fails to clear the $3,560 resistance, it could start
another decline. Initial support on the downside is near $3,485.
The first major support is $3,450. A clear move below the $3,450
support might push the price toward $3,420. Any more losses might
send the price toward the $3,350 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 – $3,450 Major Resistance Level –
$3,560
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