Ethereum Price Trims Gains, Are Dips Still Attractive In Near Term?
April 10 2024 - 12:16AM
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Ethereum price failed to continue higher above the $3,725
resistance zone. ETH trimmed gains and now consolidates near the
$3,475 support. Ethereum failed to climb higher above the $3,725
resistance level. The price is trading near $3,500 and the
100-hourly Simple Moving Average. There was a break below a key
bullish trend line with support at $3,510 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a fresh
increase if it stays above the $3,420 support zone. Ethereum Price
Faces Rejection Ethereum price started a decent increase above the
$3,550 resistance. ETH even cleared the $3,650 resistance zone, but
the bears were active near $3,725. A high was formed at $3,726 and
the price started a fresh decline, like Bitcoin. There was a move
below the $3,600 and $3,550 levels. There was a break below a key
bullish trend line with support at $3,510 on the hourly chart of
ETH/USD. The pair even spiked below the 50% Fib retracement level
of the upward move from the $3,224 swing low to the $3,726 low.
Ethereum is now trading near $3,500 and the 100-hourly Simple
Moving Average. Immediate resistance is near the $3,520 level. The
first major resistance is near the $3,560 level. The next key
resistance sits at $3,610, above which the price might test the
$3,650 level. Source: ETHUSD on TradingView.com The main resistance
is now near $3,725, above which Ether could gain bullish momentum.
In the stated case, the price could rise toward the $3,800 zone. If
there is a move above the $3,800 resistance, Ethereum could even
rise toward the $4,000 resistance. More Losses In ETH? If Ethereum
fails to clear the $3,610 resistance, it could continue to move
down. Initial support on the downside is near the $3,475 level. The
first major support is near the $3,420 zone or the 61.8% Fib
retracement level of the upward move from the $3,224 swing low to
the $3,726 low. The next key support could be the $3,340 zone. A
clear move below the $3,340 support might send the price toward
$3,240. Any more losses might send the price toward the $3,120
level. Technical Indicators Hourly MACD – The MACD for ETH/USD is
gaining momentum in the bearish zone. Hourly RSI – The RSI for
ETH/USD is now below the 50 level. Major Support Level – $3,420
Major Resistance Level – $3,610
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