📉 Ethereum Price Trims Gains, Are Dips Still Attractive In Near Term?
Ethereum encountered resistance after a decent climb above $3,550 and $3,650, peaking at $3,726 before a fresh decline, similar to Bitcoin.
📉 Recent Decline and Support Levels
The price dropped below key levels like $3,600 and $3,550, breaking a bullish trend line at $3,510. It tested the 50% Fib retracement level from the $3,224 swing low to $3,726.
📈 Current Position and Resistance Levels
Ethereum is now near $3,500, hovering around the 100-hourly Simple Moving Average. Immediate resistance lies at $3,520, followed by $3,560 and $3,610. If it breaks above $3,725, the path to $3,800 and potentially $4,000 opens up.
📉 Potential Downside and Support
Failure to clear $3,610 could lead to further declines. Initial support is at $3,475, followed by $3,420 and $3,340. A breach below $3,340 might push Ethereum toward $3,240 and possibly $3,120.
In summary, Ethereum faces resistance after an upward move, with support levels crucial for determining the next direction. 📉
