Ethereum Price Dips: Bulls To Scoop Up the Opportunity?
May 19 2024 - 9:48PM
NEWSBTC
Ethereum price started a downside correction from the $3,150 zone.
ETH is holding gains and might start another increase from the
$3,000 support. Ethereum started a downside correction after the
bears defended $3,150. The price is trading above $3,000 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $3,080 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a fresh
increase unless there is a close below the $3,000 support. Ethereum
Price Holds Ground Ethereum price gained pace after it settled
above the $3,000 level, like Bitcoin. ETH even cleared the $3,050
level before the bears appeared near $3,150. A new weekly high was
formed at $3,144 and the price recently started a downside
correction. There was a move below the $3,100 level. Ether dipped
below the 23.6% Fib retracement level of the upward move from the
$2,927 swing low to the $3,144 high. Ethereum is now trading above
$3,000 and the 100-hourly Simple Moving Average. The bulls are
active near the $3,065 support and they are protecting the 50% Fib
retracement level of the upward move from the $2,927 swing low to
the $3,144 high. Immediate resistance is near the $3,080 level.
There is also a connecting bearish trend line forming with
resistance at $3,080 on the hourly chart of ETH/USD. The first
major resistance is near the $3,150 level. An upside break above
the $3,150 resistance might send the price higher. The next key
resistance sits at $3,200, above which the price might gain
traction and rise toward the $3,250 level. If there is a clear move
above the $3,250 level, the price might rise and test the $3,320
resistance. Any more gains could send Ether toward the $3,500
resistance zone. More Losses In ETH? If Ethereum fails to clear the
$3,080 resistance and the trend line, it could continue to move
down. Initial support on the downside is near the $3,065 level. The
next major support is near the $3,000 zone. A clear move below the
$3,000 support might push the price toward $2,980. Any more losses
might send the price toward the $2,860 level in the near term.
Technical Indicators Hourly MACD – The MACD for ETH/USD is losing
momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is
now below the 50 level. Major Support Level – $3,000 Major
Resistance Level – $3,080
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