🔥🔥🔥 #Ethereum Price Undergoes Technical Correction: Market Adjusts After Recent Increase
Ethereum recently tested the $3,040 zone before correcting its gains, now testing the $2,925 support level and potentially poised for a fresh increase.
Price Dip and Correction
- Correction Phase: Ethereum started a downside correction after encountering strong resistance near $3,040. The price is currently trading below $2,960 and the 100-hour Simple Moving Average (SMA).
- High and Correction: A weekly high at $3,039 was followed by a correction below the $3,000 level and the 50% Fibonacci retracement from $2,860 to $3,039.
- Current Support Levels: Ethereum is trading below $2,960 and the 100-hourly SMA, with bulls defending the $2,925 support, aligning with the 61.8% Fibonacci retracement level.
Resistance and Trend Lines
- Immediate Resistance: Near $2,960, with a bearish trend line forming resistance at $2,965.
- Key Resistance: At $3,000. Breaking this could lead to $3,050, then potentially rising towards $3,150 and $3,220, with further gains possibly reaching $3,350.
Potential for Declines
- Failure to Break Resistance: If Ethereum fails to clear $2,965 and the trend line, it could face further declines.
- Initial Support: Near $2,925.
- Major Support: At $2,900. A clear move below this could push the price towards $2,850, with further losses potentially leading to $2,740.
Technical Indicators
- MACD: Losing momentum in the bearish zone.
- RSI: Below the 50 level.
- Support and Resistance Levels
- Major Support Level: $2,925
- Major Resistance Level: $2,965
Summary
Ethereum's price is at a critical juncture. A break above key resistance levels could lead to a bullish phase, while failure to do so might result in further declines
Source - newsbtc.com
