Ethereum Price Downward Drift: Decline Resumes Again
June 11 2024 - 12:28AM
NEWSBTC
Ethereum price failed to clear the $3,720 resistance. ETH declined
again and is now at risk of more losses below the $3,550 support
zone. Ethereum started a fresh decline from the $3,720 resistance
zone. The price is trading below $3,650 and the 100-hourly Simple
Moving Average. There is a key bearish trend line forming with
resistance near $3,680 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could extend losses if there is a close below
the $3,550 support. Ethereum Price Dips Again Ethereum price
attempted a decent increase above the $3,650 resistance zone. ETH
even spiked above $3,700 but the bears were active. A high was
formed at $3,710 and the price started a fresh decline. There was a
sharp decline below the $3,660 and $3,650 levels. A low was formed
near $3,565 and the price is now consolidating losses, like
Bitcoin. Ethereum is now trading below $3,650 and the 100-hourly
Simple Moving Average. If there is a fresh increase or a recovery
wave, the price might face resistance near the 23.6% Fib
retracement level of the downward move from the $3,710 swing high
to the $3,565 low. The first major resistance is near the $3,640
level. There is also a key bearish trend line forming with
resistance near $3,680 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 $3,710 swing high to the $3,565 low. An upside break
above the $3,680 resistance might send the price higher. The next
key resistance sits at $3,720, above which the price might gain
traction and rise toward the $3,750 level. If the bulls push Ether
above the $3,750 level, the price might rise and test the $3,800
resistance. Any more gains could send Ether toward the $3,880
resistance zone. More Losses In ETH? If Ethereum fails to clear the
$3,650 resistance, it could continue to move down. Initial support
on the downside is near $3,550. The next major support is near the
$3,520 zone. The main support sits at $3,500. A clear move below
the $3,500 support might push the price toward $3,320. Any more
losses might send the price toward the $3,250 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 – $3,550
Major Resistance Level – $3,650
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024