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The Cryptonomics™ > Consulting > Ethereum Worth Revisits Key Help, Can Bears Take Over?
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Ethereum Worth Revisits Key Help, Can Bears Take Over?

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Last updated: May 2, 2024 11:31 pm
admin Published May 2, 2024
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Ethereum Worth Revisits Key Help, Can Bears Take Over?


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Ethereum Worth Extends LossesExtra Downsides In ETH?

Ethereum worth began one other decline and traded under $2,920. ETH may acquire bearish momentum if there’s a shut under the $2,800 help zone.

  • Ethereum remained in a bearish zone and traded under the $2,900 zone.
  • The worth is buying and selling under $2,950 and the 100-hourly Easy Shifting Common.
  • There’s a connecting bearish development line forming with resistance at $3,050 on the hourly chart of ETH/USD (knowledge feed through Kraken).
  • The pair may proceed to maneuver down if it stays under the $3,050 resistance.

Ethereum Worth Extends Losses

Ethereum worth remained in a bearish zone under the $3,120 degree, like Bitcoin. ETH traded under the $3,000 degree. The bears even pushed the worth under the $2,920 degree.

A low was fashioned at $2,813 and the worth is now consolidating. There was a minor improve above the $2,900 degree. The worth examined the 23.6% Fib retracement degree of the downward wave from the $3,355 swing excessive to the $2,813 low. Nevertheless, the bears had been energetic close to the $2,950 and $2,965 ranges.

Ethereum is now buying and selling under $3,000 and the 100-hourly Easy Shifting Common. Instant resistance is close to the $2,965 degree. The primary main resistance is close to the $3,050 degree and the 100-hourly Easy Shifting Common.

There may be additionally a connecting bearish development line forming with resistance at $3,050 on the hourly chart of ETH/USD. The development line is near the 50% Fib retracement degree of the downward wave from the $3,355 swing excessive to the $2,813 low.

Supply: ETHUSD on TradingView.com

The following key resistance sits at $3,085, above which the worth would possibly acquire traction and rise towards the $3,150 degree. A detailed above the $3,150 resistance may ship the worth towards the $3,250 resistance. If there’s a transfer above the $3,250 resistance, Ethereum may even take a look at the $3,350 resistance. Any extra features may ship Ether towards the $3,500 resistance zone.

Extra Downsides In ETH?

If Ethereum fails to clear the $3,050 resistance, it may proceed to maneuver down. Preliminary help on the draw back is close to the $2,850 degree. The primary main help is close to the $2,820 zone.

The principle help is close to the $2,820 degree. A transparent transfer under the $2,820 help would possibly push the worth towards $2,650. Any extra losses would possibly ship the worth towards the $2,540 degree within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now under the 50 degree.

Main Help Stage – $2,820

Main Resistance Stage – $3,050

Disclaimer: The article is supplied for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use data supplied on this web site solely at your personal danger.

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