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Ethereum Price Latest Push Raises Question: Has a Short-Term Top Formed?

Ethereum value didn’t clear the $3,300 resistance and dipped. ETH is now exhibiting a few bearish indicators and would possibly decline towards $3,080.

  • Ethereum began a draw back correction beneath $3,240 and $3,200.
  • The value is buying and selling beneath $3,200 and the 100-hourly Simple Moving Average.
  • There was a break beneath a key bullish development line with help at $3,200 on the hourly chart of ETH/USD (information feed through Kraken).
  • The pair may proceed to maneuver down if it stays beneath the $3,200 zone.

Ethereum Price Trims Gains

Ethereum value didn’t proceed greater above $3,300 and began a draw back correction, like Bitcoin. ETH value dipped beneath $3,240 and $3,220 to enter a short-term bearish zone.

There was a break beneath a key bullish trend line with help at $3,200 on the hourly chart of ETH/USD. The pair even dipped beneath $3,150. A low was shaped at $3,123, and the worth is now consolidating losses. It examined the 23.6% Fib retracement degree of the latest decline from the $3,308 swing high to the $3,123 low.

Ethereum value is now buying and selling beneath $3,200 and the 100-hourly Simple Moving Average. If the bulls can shield extra losses beneath $3,120, the worth may try one other enhance. Immediate resistance is seen close to the $3,180 degree.

The first key resistance is close to the $3,200 degree. The subsequent main resistance is close to the $3,220 degree or the 50% Fib retracement degree of the latest decline from the $3,308 swing high to the $3,123 low.

A transparent transfer above the $3,220 resistance would possibly ship the worth towards the $3,250 resistance. An upside break above the $3,250 area would possibly name for extra good points within the coming days. In the said case, Ether may rise towards the $3,300 resistance zone and even $3,320 within the close to time period.

More Losses In ETH?

If Ethereum fails to clear the $3,220 resistance, it may begin a recent decline. Initial help on the draw back is close to the $3,120 degree. The first main help sits close to the $3,080 zone.

A transparent transfer beneath the $3,080 help would possibly push the worth towards the $3,020 help. Any extra losses would possibly ship the worth towards the $3,000 area.

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 beneath the 50 zone.

Major Support Level – $3,120

Major Resistance Level – $3,220

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