Ethereum Price Correction Indicates Bearish Momentum
The current Ethereum price is undergoing a significant correction, dropping to around $2,845 recently. A month ago, it was noted that key support levels were at $3,215 at the 50-day EMA and between $3,107 and $3,215 at crucial Fibonacci levels, presenting an opportunity for a bullish rebound.
ETH Finds Stability at 0.382 Fib Level, Around $3,107
- In the monthly chart, Ethereum remains near the 0.382 Fibonacci support level.
- A bullish scenario requires a monthly close above this level for positive momentum.
- Failing to maintain this support may lead to further downsides towards $2,500.
Despite the correction, the MACD lines still show a bullish crossover, while the RSI hovers around neutral. However, the MACD histogram shows early signs of a bearish turn, with Ethereum retracing about 31% from its recent peak of $4,095.
Is Ethereum Poised for a Bullish Rebound?
- Ethereum has managed to hold above the 0.382 Fibonacci support level at $3,107.
- Caution is advised as the MACD lines on the weekly chart hint at a potential bearish crossover.
- If Ethereum breaks below support, the 50-week EMA at $2,442 could provide additional support.
Despite potential bearish signals, the EMAs still display a golden crossover, signaling a bullish trend in the medium term. The 50-week EMA at the Golden Ratio acts as an extra layer of support.
Ethereum Continues Downward Trend in Channel
- Ethereum is in a parallel descending channel on the daily chart.
- Moving upwards will encounter resistance at the 50-day EMA and the 0.382 Fibonacci level around $3,324.
- Further upward momentum will face resistance near $3,650 at the channel’s upper boundary.
Indicators on the daily chart present mixed signals, with EMAs signaling a bullish trend in the short to medium term, while the MACD lines exhibit a bearish crossover. The MACD histogram shows bullish momentum, while the RSI remains indecisive at the moment.
Potential Downturn Indicated by Death Cross Pattern
- The 4-hour chart shows a bullish sentiment with crossed MACD lines and bullish trend in the histogram.
- Despite this, a death cross formation in the EMAs suggests a short-term bearish trend.
ETH vs. BTC: Ethereum Testing Resistance Levels
- Compared to Bitcoin, Ethereum is on a downward trend with support near 0.043 BTC.
- Resistance is strong at the 50-4H EMA around 0.049 BTC.
- MACD indicators suggest a bearish trend against Bitcoin with a potential return to the golden ratio support at 0.043 BTC.
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