🔥🔥🔥 #EthereumPrice Undergoes Technical Correction: Can $ETH Resume Higher?
Ethereum price began a downside correction after failing to surpass the $3,520 zone. However, ETH remains stable above $3,420 and might attempt another increase soon.
- Ethereum started a downside correction after struggling to break above $3,520.
- The price is currently trading above $3,420 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance near $3,470 on the hourly chart of ETH/USD (data source from Kraken).
- The pair needs to clear the $3,470 and $3,520 resistance levels to continue higher.
Ethereum Price Corrects Lower
- Ethereum initially moved upwards from the $3,420 level, surpassing $3,450 and entering a short-term positive zone. The price even broke through the $3,500 resistance zone, forming a high at $3,516 before starting a downside correction. The price dropped below the $3,480 and $3,470 levels and fell below the 23.6% Fib retracement level of the move from the $3,350 swing low to the $3,516 high.
- Ethereum is holding above $3,420 and the 100-hourly SMA, supported by the 50% Fib retracement from $3,350 to $3,516. Key resistance levels are at $3,470, $3,500, and $3,520. A close above $3,520 could lead to a rise toward $3,550, with further resistance at $3,650 and potential gains toward $3,720.
Are Dips Supported in ETH?
- If Ethereum fails to clear the $3,470 resistance, it may continue to decline. Initial support is near $3,435, with the primary support level at $3,420. A drop below $3,420 could push the price toward $3,350, with further losses potentially targeting $3,320 in the near term.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is currently below the 50 level.
- Major Support Level: $3,420Major Resistance Level: $3,470
Source - newsbtc.com
