Summary: Ethereum Price Correction and Resistance Levels
Recently, Ethereum experienced a downside correction after failing to surpass the $3,520 zone. However, the price remains above $3,420 and the 100-hourly Simple Moving Average. There is a bearish trend line with resistance around $3,470 on the hourly chart of ETH/USD. To continue its upward trend, Ethereum must clear the resistance levels at $3,470 and $3,520.
Ethereum Price Corrects Lower
After a positive move above $3,420, Ethereum’s price surpassed $3,450, entering a short-term positive zone similar to Bitcoin’s trend. The price even broke the $3,500 resistance level, reaching a high of $3,516 before starting a downside correction. This correction led to a drop below $3,480 and $3,470 levels along with breaching the 23.6% Fib retracement level from the recent swing low of $3,350 to the high of $3,516. Despite this correction, bulls are defending the $3,420 support zone along with the 50% Fib retracement level, maintaining a positive outlook for Ethereum.
The current price of Ethereum is above $3,420 and the 100-hourly Simple Moving Average, with resistance near $3,470. Additionally, a bearish trend line with resistance at $3,470 is visible on the hourly ETH/USD chart.
The key resistance levels for Ethereum include $3,500, $3,520, $3,550, $3,650, and $3,720. Breaking above these levels could lead to further gains for Ethereum in the near future.
Are Dips Supported In ETH?
If Ethereum fails to surpass the $3,470 resistance level, it may experience further downward movement. Initial support can be found around $3,435, with a major support level at $3,420. Failure to hold this support could lead to a drop towards $3,350 and potentially $3,320 in the short term.
Technical Indicators
- Hourly MACD – The MACD for ETH/USD is showing a decrease in bullish momentum.
- Hourly RSI – The RSI for ETH/USD has dropped below the 50 mark.
Key levels to watch include a major support level at $3,420 and a major resistance level at $3,470.
Hot Take: Stay Vigilant With Ethereum’s Price Movements
As Ethereum faces a correction after failing to break above key resistance levels, it is essential for investors to monitor the price action closely. With critical support levels at $3,420 and potential resistance at $3,470, how Ethereum responds in the coming days will be crucial for determining the next direction of its price movement. It is advisable to stay informed and make informed decisions based on the evolving market conditions.
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