Are Dips Supported In ETH?
If Ethereum fails to clear the $3,050 resistance, it could start a downside correction. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone or the 50% Fib retracement level of the recent wave from the $2,860 swing low to the $3,039 high.
The next support is near the $2,930 level. A clear move below the $2,930 support might push the price toward $2,900. Any more losses might send the price toward the $2,860 level 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 now above the 50 level.
Major Support Level – $2,950
Major Resistance Level – $3,050
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