Ethereum Price Upside Bid Fades, Can Bulls Hold the Line?
Ethereum price started a major increase above the $3,320 resistance. ETH is now consolidating gains and might dip toward the $3,280 zone. If the bulls can protect more losses below $3,280, the price could attempt another increase. Immediate resistance is seen near the $3,350 level. The first key resistance is near the $3,380 level. The next major resistance is near the $3,400 level. A clear move above the $3,400 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term. If Ethereum fails to clear the $3,400 resistance, it could start a fresh decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,280 zone and the trend line. A clear move below the $3,280 support might push the price toward the $3,230 support and the 50% Fib retracement level of the recent wave from the $3,061 swing low to the $3,402 high. Any more losses might send the price toward the $3,200 region. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,280 Major Resistance Level – $3,400Another Decline In ETH?
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