Ethereum Price Slippery Slope: More Downside Risks in Sight
June 12 2024 - 11:58PM
NEWSBTC
Ethereum price failed to clear the $3,650 resistance. ETH declined
again after the Fed decision and now shows bearish signs below the
$3,550 level. Ethereum started a fresh decline below the $3,580
support zone. The price is trading below $3,550 and the 100-hourly
Simple Moving Average. There is a major bearish trend line forming
with resistance near $3,610 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could extend losses if it stays below
the $3,600 resistance zone. Ethereum Price Dips Again Ethereum
price attempted a recovery wave above the $3,550 and $3,580
resistance levels. However, ETH failed to settle above the $3,650
level and started another decline. There was a steady decline below
the $3,580 level, like Bitcoin. The price declined below the $3,550
support level. There was a move below the 61.8% Fib retracement
level of the upward move from the $3,431 swing low to the $3,655
high. Ethereum is now trading below $3,550 and the 100-hourly
Simple Moving Average. There is also a major bearish trend line
forming with resistance near $3,610 on the hourly chart of ETH/USD.
If there is a fresh increase, the price might face resistance near
the $3,580 level. The first major resistance is near the $3,600
level and the trend line. An upside break above the $3,600
resistance might send the price higher. The next key resistance
sits at $3,650, above which the price might gain traction and rise
toward the $3,720 level. A clear move above the $3,720 level might
call for a test of the $3,800 resistance. Any more gains could send
Ether toward the $3,880 resistance zone. More Downsides In ETH? If
Ethereum fails to clear the $3,600 resistance, it could continue to
move down. Initial support on the downside is near $3,480 and the
76.4% Fib retracement level of the upward move from the $3,431
swing low to the $3,655 high. The next major support is near the
$3,420 zone. A clear move below the $3,420 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 – $3,420 Major Resistance Level – $3,600
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