đ„đ„đ„ #EthereumPrice Retests $2,350: Is a Bounce In The Cards?
Ethereum Price Consolidates After Testing $2,350 Support
- Ethereum's price extended its losses & recently tested the $2,350 support level. The cryptocurrency is now consolidating & could be poised for a fresh attempt to rise above the $2,400 resistance zone.
1. Ethereum entered a downside correction below the $2,400 mark.
2. ETH is currently trading just above $2,420 & the 100-hour Simple Moving Average.
3. A break below a short-term rising channel, with support at $2,425, was observed on the ETH/USD hourly chart (data via Kraken).
4. The pair must hold the $2,350 support level to initiate another upward movement soon.
Ethereum Price Dips Further
- Ethereum failed to break above the $2,500 resistance & continued in a bearish trajectory, similar to #bitcoinâïž , dropping below the $2,420 support. It further declined below the $2,400 mark, breaking a short-term rising channel on the hourly chart at $2,425 & testing the critical $2,350 support zone.
- A low was formed at $2,350, and the price has since rebounded, moving above the $2,350 & $2,360 levels. $ETH climbed past the 23.6% Fibonacci retracement level of the drop from $2,467 to $2,350.
- Ethereum is trading below $2,425 & the 100-hour SMA, with resistance near $2,400. A move above $2,410 could push ETH to $2,450 & breaking this could lead to gains toward $2,550, with major resistance at $2,600-$2,620.
More Losses in ETH?
- If Ethereum fails to break above the $2,410 resistance, it could resume its decline. Initial support is near the $2,365 level, with stronger support around $2,350. A decisive move below $2,350 could push the price toward $2,300, with the next target at $2,250. Should further losses occur, ETH could head toward the $2,120 support.
Technical Indicators:
- Hourly MACD: The MACD for ETH/USD is losing momentum in the #BEARISHđ zone.
- Hourly RSI: The RSI for ETH/USD is currently below the 50 mark.
- Major Support Level: $2,350Major Resistance Level: $2,410
Source - newsbtc.com
