As a researcher with experience in analyzing cryptocurrency markets, I believe that Ethereum (ETH) is currently in a bearish trend and the recent correction below the $3,880 support level is a continuation of this trend. The price is now trading below both the 100-hourly Simple Moving Average and the key bearish trend line with resistance at $3,800 on the hourly chart.
As a market analyst, I’ve observed that Ethereum‘s price has taken a turn and dipped below the $3,800 mark, representing a correction in its previous trend. Currently, ETH is approaching the $3,720 support level, which could potentially serve as a new platform for growth.
- Ethereum extended its decline after it failed to stay above the $3,880 zone.
The price is trading below $3,880 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it breaks the $3,720 support.
Ethereum Price Dips Further
As an analyst, I’ve observed that Ethereum’s price has initiated a corrective phase following its failure to hold above the crucial resistance level of $3,880, similar to Bitcoin‘s recent trend. The ETH price subsequently dropped beneath significant support zones at $3,850 and $3,800, which have now weakened, leaving the coin in a temporarily bearish stance.
Below the 50% Fibonacci retracement mark of the rally from the $3,630 swing low to the $3,974 peak, there was a notable decline in price. The downward trend culminated in the price falling beneath the $3,780 threshold. Now, bears are targeting a potential drop towards the $3,720 support level.
As a researcher studying Ethereum’s price action, I have observed that the cryptocurrency is currently trading above both the $3,800 mark and the 100-hour Simple Moving Average. Should there be any further upward momentum, Ethereum may encounter resistance at the $3,800 level. Additionally, a significant bearish trend line has begun to form on the hourly chart of ETH/USD, with resistance set at the same price point.
As a researcher studying the price movements of Ether, I’ve identified the first significant resistance point at around $3,840. Overcoming this resistance could potentially propel the price upward. Following this, the next notable resistance lies at $3,900. A clear break above this level might provide the momentum for the price to advance towards $3,940. If we witness a strong move beyond $3,940, the price could continue its ascent and challenge the $4,000 resistance. Further gains could potentially push Ether towards the $4,080 resistance zone.
More Losses In ETH?
As a crypto investor, if Ethereum fails to surpass the $3,800 resistance, it might continue its descent. The initial support lies around the $3,720 mark or the 76.4% Fibonacci retracement level of the upward trend that started at $3,630 swing low and peaked at $3,974.
If we look ahead, the next significant level of resistance lies around $3,625. A decisive drop beneath this resistance could potentially lead the price downward towards $3,550. Further declines might result in the price reaching $3,500 in the short 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 – $3,720
Major Resistance Level – $3,800
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2024-05-30 04:34