Ethereum Price Undergoes Technical Correction
The price of Ethereum has undergone a technical correction after failing to surpass the $3,520 zone. Despite this correction, Ethereum remains stable above $3,420 and may attempt another increase in the near future.
Ethereum started a downside correction after reaching a high of $3,516 and moving below the $3,480 and $3,470 levels. However, the bulls have been active near the $3,420 support zone, protecting the 50% Fib retracement level of the upward move.
Currently, Ethereum is trading above $3,420 and the 100-hourly Simple Moving Average. The price is facing resistance near the $3,470 level, with a connecting bearish trend line forming on the hourly chart of ETH/USD.
The first major resistance is near the $3,500 level, followed by the $3,520 level. A close above $3,520 could push Ether towards the $3,550 resistance, with further resistance at $3,650 and $3,720.
If Ethereum fails to clear the $3,470 resistance, it could continue to move down. Initial support is near $3,435, with the major support at $3,420. A break below $3,420 could lead to a further decline towards $3,350 and potentially $3,320 in the near term.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is now below the 50 zone.
Overall, Ethereum’s price correction presents both challenges and opportunities for traders, with key support and resistance levels to watch in the coming days.
