🔥🔥🔥 #Ethereum Price Trims Gains, Are Dips Still Attractive In Near Term?
Ethereum's attempt to surge above the $3,725 resistance zone proved futile as it faced rejection, causing a retracement towards the $3,475 support level.
Despite an initial push above the $3,550 and $3,650 resistance levels, Ethereum encountered selling pressure near $3,725, leading to a downside correction, reminiscent of Bitcoin's movement.
The hourly chart of ETH/USD indicates a breach below a crucial bullish trend line, previously offering support at $3,510. Additionally, the pair dipped below the 50% #Fibonacci retracement level of the upward swing from the $3,224 swing low to the $3,726 high.
Currently, Ethereum is hovering near $3,500, closely aligned with the 100-hourly Simple Moving Average. Immediate resistance awaits at the $3,520 level, with further hurdles at $3,560 and $3,610. A breakthrough above $3,610 could pave the way for a test of the $3,650 resistance, with $3,725 representing a significant barrier.
Conversely, failure to breach the $3,610 resistance might prompt further downside movement. Initial support lies near $3,475, followed by the $3,420 zone, coinciding with the 61.8% Fibonacci retracement level of the recent upward swing.
Should Ethereum's decline persist, the $3,340 support zone might come into play, with a potential move towards $3,240. Further losses could see Ethereum targeting the $3,120 level.
Technical Indicators:
The hourly MACD for ETH/USD indicates increasing bearish momentum.
The hourly RSI for ETH/USD is currently below the 50 level.
Key Levels to Watch:
- Support: $3,420, $3,475, $3,340
- Resistance: $3,560, $3,610, $3,725
Source - newsbtc.com