Ethereum Price at $3,000: Can Support Prevent Further Losses?
15 Novembre 2024 - 4:28AM
NEWSBTC
Ethereum price started a downside correction below the $3,250 zone.
ETH is now consolidating near $3,000 and might attempt a fresh
increase. Ethereum started a short-term downside correction below
the $3,250 zone. The price is trading above $3,200 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $3,185 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a fresh
increase if it remains stable above the $3,000 zone. Ethereum Price
Hits Support Ethereum price failed to extend gains above the $3,450
zone and started a downside correction like Bitcoin. ETH declined
below the $3,320 and $3,250 support levels. The bears even pushed
the price below the $3,120 zone. It tested the $3,000 support zone.
A low was formed at $3,031 and the price is now consolidating
losses. It might soon test the 23.6% Fib retracement level of the
recent decline from the $3,340 swing high to the $3,031 low.
Ethereum price is now trading below $3,200 and the 100-hourly
Simple Moving Average. On the upside, the price seems to be facing
hurdles near the $3,120 level. The first major resistance is near
the $3,200 level. There is also a connecting bearish trend line
forming with resistance at $3,185 on the hourly chart of ETH/USD.
The main resistance is now forming near $3,265 or the 76.4% Fib
retracement level of the recent decline from the $3,340 swing high
to the $3,031 low. A clear move above the $3,265 resistance might
send the price toward the $3,320 resistance. An upside break above
the $3,320 resistance might call for more gains in the coming
sessions. In the stated case, Ether could rise toward the $3,450
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 $3,040 level. The first major support
sits near the $3,000 zone. A clear move below the $3,000 support
might push the price toward $2,950. Any more losses might send the
price toward the $2,880 support level in the near term. The next
key support sits at $2,740. 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
– $3,040 Major Resistance Level – $3,200
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