Ethereum Price Revisits Key Support, Can Bears Take Over?
May 02 2024 - 12:23AM
NEWSBTC
Ethereum price started another decline and traded below $2,920. ETH
could gain bearish momentum if there is a close below the $2,800
support zone. Ethereum remained in a bearish zone and traded below
the $2,900 zone. The price is trading below $2,950 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $3,050 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could continue to move
down if it stays below the $3,050 resistance. Ethereum Price
Extends Losses Ethereum price remained in a bearish zone below the
$3,120 level, like Bitcoin. ETH traded below the $3,000 level. The
bears even pushed the price below the $2,920 level. A low was
formed at $2,813 and the price is now consolidating. There was a
minor increase above the $2,900 level. The price tested the 23.6%
Fib retracement level of the downward wave from the $3,355 swing
high to the $2,813 low. However, the bears were active near the
$2,950 and $2,965 levels. Ethereum is now trading below $3,000 and
the 100-hourly Simple Moving Average. Immediate resistance is near
the $2,965 level. The first major resistance is near the $3,050
level and the 100-hourly Simple Moving Average. There is also a
connecting bearish trend line forming with resistance at $3,050 on
the hourly chart of ETH/USD. The trend line is close to the 50% Fib
retracement level of the downward wave from the $3,355 swing high
to the $2,813 low. Source: ETHUSD on TradingView.com The next key
resistance sits at $3,085, above which the price might gain
traction and rise toward the $3,150 level. A close above the $3,150
resistance could send the price toward the $3,250 resistance. If
there is a move above the $3,250 resistance, Ethereum could even
test the $3,350 resistance. Any more gains could send Ether toward
the $3,500 resistance zone. More Downsides In ETH? If Ethereum
fails to clear the $3,050 resistance, it could continue to move
down. Initial support on the downside is near the $2,850 level. The
first major support is near the $2,820 zone. The main support is
near the $2,820 level. A clear move below the $2,820 support might
push the price toward $2,650. Any more losses might send the price
toward the $2,540 level in the near term. 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 – $2,820 Major Resistance Level – $3,050
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024