Ethereum Price Battles Resistance: Faces Steep Climb Ahead
June 10 2024 - 12:48AM
NEWSBTC
Ethereum price declined heavily and tested the $3,580 support zone.
ETH is now recovering and faces many hurdles near the $3,740 zone.
Ethereum started a recovery wave and climbed above the $3,660
resistance. The price is trading below $3,750 and the 100-hourly
Simple Moving Average. There is a key bearish trend line forming
with resistance near $3,740 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could start a fresh upward move unless
there is a close below the $3,640 support. Ethereum Price Faces
Resistance Ethereum price extended its decline below the $3,660
support zone. ETH even declined below $3,600 before the bulls
appeared. A low was formed near $3,574 and the price is now
correcting losses, like Bitcoin. There was a move above the $3,650
and $3,660 levels. The price climbed above the 50% Fib retracement
level of the downward move from the $3,838 swing high to the $3,574
low. However, there was no close above the $3,700 level. Ethereum
is now trading below $3,740 and the 100-hourly Simple Moving
Average. If there is another increase, ETH might face resistance
near the $3,700 level. The first major resistance is near the
$3,740 level. There is also a key bearish trend line forming with
resistance near $3,740 on the hourly chart of ETH/USD. The trend
line is close to the 61.8% Fib retracement level of the downward
move from the $3,838 swing high to the $3,574 low. An upside break
above the $3,740 resistance might send the price higher. The next
key resistance sits at $3,800, above which the price might gain
traction and rise toward the $3,840 level. If the bulls push Ether
above the $3,840 level, the price might rise and test the $4,000
resistance. Any more gains could send Ether toward the $4,080
resistance zone. Another Decline In ETH? If Ethereum fails to clear
the $3,740 resistance, it could continue to move down. Initial
support on the downside is near $3,660. The next major support is
near the $3,640 zone. The main support sits at $3,580. A clear move
below the $3,580 support might push the price toward $3,500. Any
more losses might send the price toward the $3,450 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 – $3,640
Major Resistance Level – $3,740
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024