ethereum price started a downward correction below $3,650. eth traded below $3,500 and is currently attempting a decent recovery wave in the near term.
- ethereum started a downward correction below the $3,700 zone.
- The price is trading below $3700 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $3,660 on the hourly chart of eth/USD (data via Kraken).
- The pair could resume its rise if it breaks the $3,750 resistance zone.
ethereum price drops
ethereum price started a downward correction below the $3,800 and $3,700 levels, like bitcoin. eth fell below the $3,650 support level to enter a short-term bearish zone.
It even spiked below the $3,500 support zone. A low was formed at $3,414 and the price is now attempting a recovery wave. There was a move above the $3,500 level. Ether rose above the 23.6% Fibonacci retracement level of the downward move from the high of $4,084 to the low of $3,414.
ethereum price is now trading below $3,700 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $3,650 level. There is also a key bearish trend line forming with resistance at $3,660 on the hourly chart of eth/USD.
The first major resistance is near the $3,750 level or the 50% Fibonacci retracement level of the downward move from the high of $4,084 to the low of $3,414. The next major resistance is near $3,830, above which the price could gain bullish momentum.
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Fountain: ETHUSD on TradingView.com
In the indicated case, Ether could rise towards the $3,925 level. If there is a move above the $3,925 resistance, ethereum could even rally towards the $4,000 resistance. Any additional winnings could require a test of $4,080.
More losses on eth?
If ethereum fails to overcome the $3,650 resistance, it could start a new decline. Initial support on the downside is near the $3,520 level.
The first major support is near the $3,500 zone. The next key support could be the $3,420 area. A clear move below the $3,420 support could send the price towards $3,350. Any further losses could send the price towards the $3,250 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $3500
Main Resistance Level: $3,650
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