Ethereum Price Decline: Market Indicators Point to More Dips
14 Giugno 2024 - 5:28AM
NEWSBTC
Ethereum price struggled to clear the $3,650 resistance. ETH
started another decline and there is now a risk of more dips below
the $3,420 support. Ethereum started a fresh decline below the
$3,550 support zone. The price is trading below $3,540 and the
100-hourly Simple Moving Average. There is a crucial bearish trend
line forming with resistance near $3,550 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could extend losses if it
stays below the $3,550 resistance zone. Ethereum Price Struggle
Continues Ethereum price failed to start a recovery wave above the
$3,550 and $3,580 resistance levels, like Bitcoin. ETH remained in
a short-term bearish zone and extended losses below the $3,500
level. The price declined below the $3,450 support level. A low was
formed at $3,428 and the price is now consolidating losses. There
was a minor increase above the 23.6% Fib retracement level of the
recent decline from the $3,655 swing high to the $3,428 low.
Ethereum is still trading below $3,550 and the 100-hourly Simple
Moving Average. There is also a crucial bearish trend line forming
with resistance near $3,550 on the hourly chart of ETH/USD. If
there is a fresh increase, the price might face resistance near the
$3,540 level and the 50% Fib retracement level of the recent
decline from the $3,655 swing high to the $3,428 low. The first
major resistance is near the $3,550 level and the trend line. An
upside break above the $3,550 resistance might send the price
higher. The next key resistance sits at $3,650, above which the
price might gain traction and rise toward the $3,720 level. A clear
move above the $3,720 level might send Ether toward the $3,800
resistance. Any more gains could send Ether toward the $3,880
resistance zone. More Downsides In ETH? If Ethereum fails to clear
the $3,550 resistance, it could continue to move down. Initial
support on the downside is near $3,420. A clear move below the
$3,420 support might push the price toward $3,350. Any more losses
might send the price toward the $3,250 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 zone. Major Support Level – $3,420 Major
Resistance Level – $3,550
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