Ethereum Signals Bearish Extension: Is a Short-Term Downtrend Coming?
June 03 2024 - 10:18PM
NEWSBTC
Ethereum price is showing a few bearish signs below the $3,840
support. ETH could gain bearish momentum if there is a clear move
below $3,700. Ethereum extended its decline and tested the $3,700
zone. The price is trading below $3,840 and the 100-hourly Simple
Moving Average. There was a break below a key bullish trend line
with support near $3,780 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 $3,700 support. Ethereum Price Dips Again
Ethereum price struggled to start a fresh increase above the $3,850
resistance zone. ETH failed to clear the 50% Fib retracement level
of the downward wave from the $3,958 swing high to the $3,702 low.
There was a rejection pattern below the $3,800 level unlike
Bitcoin. The price dipped below the $3,780 level. There was a break
below a key bullish trend line with support near $3,780 on the
hourly chart of ETH/USD. Ethereum is now trading below $3,840 and
the 100-hourly Simple Moving Average. If there is another increase,
ETH might face resistance near the $3,800 level. The first major
resistance is near the $3,840 level. An upside break above the
$3,840 resistance might send the price higher. The next key
resistance sits at $3,900 or the 76.4% Fib retracement level of the
downward wave from the $3,958 swing high to the $3,702 low, above
which the price might gain traction and rise toward the $4,000
level. If the bulls push Ether above the $4,000 level, the price
might rise and test the $4,080 resistance. Any more gains could
send Ether toward the $4,220 resistance zone. More Losses In ETH?
If Ethereum fails to clear the $3,840 resistance, it could start
another decline. Initial support on the downside is near the $3,730
level. The next major support is near the $3,700 zone. A clear move
below the $3,700 support might push the price toward $3,660. Any
more losses might send the price toward the $3,550 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 zone. Major Support Level – $3,730
Major Resistance Level – $3,840
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