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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Ethereum Dips Further: Will the Slide Stop or Is ETH on a Rollercoaster?

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Ethereum price extended its downside correction below the $3,800 support. ETH is now approaching the $3,720 support and might aim for a fresh increase.

  • 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

Ethereum price started a downside correction below the $3,880 support zone, like Bitcoin. ETH dipped below the $3,850 and $3,800 support levels to move into a short-term bearish zone.

There was also a clear move below the 50% Fib retracement level of the upward wave from the $3,630 swing low to the $3,974 high. Finally, the price dipped below the $3,780 level. The bears are now aiming for a move toward the $3,720 support.

Ethereum price is now trading above $3,800 and the 100-hourly Simple Moving Average. If there is a fresh increase, ETH might face resistance near the $3,800 level. There is also a key bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD.

Ethereum Price

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, above which the price might gain traction and rise toward the $3,940 level. If there is a clear move above the $3,940 level, the price might rise and test the $4,000 resistance. Any more gains could send Ether toward the $4,080 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,800 resistance, it could continue to move down. Initial support on the downside is near the $3,720 level or the 76.4% Fib retracement level of the upward wave from the $3,630 swing low to the $3,974 high.

The next major support is near the $3,625 zone. A clear move below the $3,625 support might push the price toward $3,550. Any more losses might send the price toward the $3,500 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,720

Major Resistance Level – $3,800

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