Can Ethereum Price Maintain This Support and Spark a New Increase?
May 28 2024 - 9:28PM
NEWSBTC
Ethereum price started a downside correction below the $3,880
support. ETH is now testing the $3,760 support and might aim for a
fresh increase. Ethereum started another downside correction below
the $3,880 zone. The price is trading above $3,750 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $3,880 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could restart its increase
unless there is a move below the $3,760 support. Ethereum Price
Dips To Support Ethereum price failed to test the $4,000 resistance
zone and started a downside correction, like Bitcoin. ETH dipped
below the $3,920 and $3,880 support levels. There was also a spike
below the 50% Fib retracement level of the upward move from the
$3,631 swing low to the $3,972 high. Finally, the price dipped
below the $3,800 level. However, the bulls were active near the
$3,760 support zone. The price stayed above the 61.8% Fib
retracement level of the upward move from the $3,631 swing low to
the $3,972 high. Ethereum price is now trading above $3,750 and the
100-hourly Simple Moving Average. Immediate resistance is near the
$3,880 level. There is also a connecting bearish trend line forming
with resistance at $3,880 on the hourly chart of ETH/USD. The first
major resistance is near the $3,920 level. An upside break above
the $3,920 resistance might send the price higher. The next key
resistance sits at $3,950, above which the price might gain
traction and rise toward the $4,000 level. If there is a clear move
above the $4,000 level, the price might rise and test the $4,080
resistance. Any more gains could send Ether toward the $4,150
resistance zone. More Losses In ETH? If Ethereum fails to clear the
$3,880 resistance, it could continue to move down. Initial support
on the downside is near the $3,800 level. The next major support is
near the $3,760 zone. A clear move below the $3,760 support might
push the price toward $3,720. Any more losses might send the price
toward the $3,630 level in the near term. 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
zone. Major Support Level – $3,760 Major Resistance Level – $3,880
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