💥💥💥 #Ethereum Price Dips: Bulls To Scoop Up the Opportunity?
Ethereum Price Holds Steady Above $3,000 Amid Correction
Ethereum has begun a downside correction from the $3,150 zone but maintains stability above the $3,000 support level, suggesting a potential for another upward move.
Key Points:
- Recent Correction: Ethereum corrected downward after facing resistance at $3,150. Despite this, it remains above $3,000 and the 100-hourly Simple Moving Average.
- Bearish Trend Line: A bearish trend line with resistance at $3,080 is forming on the hourly ETH/USD chart (data feed via Kraken).
Current Price Movement:
- Ethereum gained momentum after settling above $3,000. It surpassed $3,050 but encountered resistance at $3,150, forming a new weekly high at $3,144. This was followed by a dip below $3,100 and the 23.6% Fib retracement level of the $2,927 to $3,144 rise.
- Ethereum trades above $3,000 and the 100-hourly SMA, with bulls defending the $3,065 support, aligning with the 50% Fib retracement level.
Resistance and Upside Potential:
- Immediate Resistance: $3,080, aligned with the bearish trend line.
- Major Resistance: $3,150. Breaking this could propel Ethereum to $3,200, with further potential to reach $3,250 and $3,320. Additional gains could target the $3,500 zone.
Downside Risk:
- Initial Support: $3,065.Major Support: $3,000. A decisive move below this could push Ethereum to $2,980 and potentially down to $2,860.
Technical Indicators:
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Below 50.
- Support Level: $3,000.
- Resistance Level: $3,080.
Conclusion:
Ethereum is holding ground above $3,000, and a fresh increase is possible if it maintains this support. Investors should monitor the $3,080 and $3,150 resistance levels to gauge the next potential move.
Source - newsbtc.com
