ETH Faces Resistance and Slides
Ethereum faced resistance near the $2,750 level and started to slide downwards. The price is currently below $2,700 and the 100-hourly Simple Moving Average. A key contracting triangle support at $2,695 was broken on the ETH/USD hourly chart.
Price Correction Overview
After reaching a high of $2,763, Ethereum experienced a correction towards the $2,700 support level. The price dipped below $2,700 and $2,720, indicating a bearish trend. The recent low was formed at $2,635, where the price is currently consolidating.
- Resistance challenges near $2,700 level
- 76.4% Fib retracement at $2,735
- Possible move towards $2,800 resistance
Potential for Further Declines
If Ethereum fails to break above the $2,700 resistance, there is a possibility for more downside movement. The initial support is at $2,635, with a major support zone near $2,600. A sustained drop below $2,600 could lead the price towards $2,550 and potentially $2,520 in the short term.
- Initial support at $2,635
- Further support at $2,600 and $2,520
- Key support levels at $2,440
Technical Indicators
Analysis of the MACD and RSI indicators for ETH/USD show:
- Hourly MACD is losing bullish momentum
- Hourly RSI is below 50, indicating bearish sentiment
Key technical support and resistance levels for Ethereum include:
- Major Support Level – $2,635
- Major Resistance Level – $2,700
Hot Take: Stay Informed and Exercise Caution
As an Ethereum investor, it’s essential to closely monitor price movements and technical indicators to make informed decisions. While the market may face resistance and downward trends, staying updated on key support and resistance levels can help navigate potential risks and opportunities effectively.
Remember to exercise caution and conduct thorough research before making any investment decisions in the crypto market.
By
By
