đđđ #Ethereum Price Drops To Support, Another Chance To Load $ETH ?
Ethereum faced rejection near the $3,650 zone and subsequently witnessed a decline, breaching the $3,500 support area. As a result, ETH is currently trading below $3,500 and the 100-hourly Simple Moving Average, signaling a bearish sentiment.
A key bearish trend line has formed with resistance around $3,420 on the hourly chart of ETH/USD, sourced via Kraken. For ETH to regain bullish momentum, it must surpass the $3,450 resistance zone.
Following the decline, Ethereum found support near the $3,320 level, where it formed a low at $3,324. Presently, it is attempting a recovery, with the price moving above the $3,360 level. However, the immediate resistance lies near $3,400, followed by the $3,420 level and the aforementioned trend line.
Further resistance is anticipated at $3,450, beyond which the price might test the 50% Fib retracement level of the recent downward move from the $3,654 swing high to the $3,324 low.
Subsequently, additional resistance levels to watch include $3,520 and the 100-hourly Simple Moving Average, which could pave the way for a bullish momentum towards the $3,650 barrier.
On the downside, failure to clear the $3,420 resistance may lead to further downward movement. Initial support is expected near the $3,320 level, followed by the $3,250 zone. A breach below $3,220 could trigger a decline towards $3,120, with potential further losses bringing the price towards the $3,040 level.
Technical indicators suggest a loss of momentum in the bearish zone, with the MACD for ETH/USD showing weakening, and the RSI dropping below the 50 level.
In summary:
- Resistance: $3,420, $3,450, $3,520, $3,650
- Support: $3,320, $3,250, $3,220, $3,120, $3,040
Source - newsbtc.com
