Ethereum Price Grinds Lower, Why Pullback Is Not Over Yet
March 18 2024 - 12:42AM
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Ethereum price started a downside correction below $3,650. ETH
traded below $3,500 and is currently attempting a decent recovery
wave in the near term. Ethereum started a downside correction below
the $3,700 zone. The price is trading below $3,700 and the
100-hourly Simple Moving Average. There is a key bearish trend line
forming with resistance at $3,660 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could resume its increase if it
clears the $3,750 resistance zone. Ethereum Price Dips Ethereum
price started a downside correction below the $3,800 and $3,700
levels, like Bitcoin. ETH declined 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 climbed above the 23.6% Fib retracement level of the
downward move from the $4,084 swing high to the $3,414 low.
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% Fib
retracement level of the downward move from the $4,084 swing high
to the $3,414 low. The next major resistance is near $3,830, above
which the price might gain bullish momentum. Source: ETHUSD on
TradingView.com In the stated case, Ether could rally toward the
$3,925 level. If there is a move above the $3,925 resistance,
Ethereum could even rise toward the $4,000 resistance. Any more
gains might call for a test of $4,080. More Losses In ETH? If
Ethereum fails to clear the $3,650 resistance, it could start a
fresh 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 zone. A clear move below the $3,420
support might send the price toward $3,350. Any more losses might
send the price toward the $3,250 level. Technical Indicators Hourly
MACD – 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. Major
Support Level – $3,500 Major Resistance Level – $3,650
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