41 days ago
Ethereum price is moving higher from the $3,550 zone. ETH is showing bullish signs and might soon aim for a move above the $3,680 resistance zone. Ethereum started a downside correction and retested the $3,550 zone. The price is trading above $3,600 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,650 on the hourly chart of ETH/USD (data feed via Kraken). The pair could restart its increase if it clears the $3,650 zone. Ethereum Price Eyes Fresh Upward Move Ethereum price failed to clear the $3,800 resistance zone and corrected some gains like Bitcoin . ETH declined below the $3,650 and $3,600 support levels. It even retested the $3,550 support level. A low was formed at $3,557 and the price is now attempting a fresh increase. There was a move above the $3,600 and $3,620 levels. The price tested the 50% Fib retracement level of the downward move from the $3,762 swing high to the $3,557 low. Ethereum price is now trading above $3,600 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $3,650 level. There is also a connecting bearish trend line forming with resistance at $3,650 on the hourly chart of ETH/USD. The first major resistance is near the $3,685 level or the 61.8% Fib retracement level of the downward move from the $3,762 swing high to the $3,557 low. The main resistance is now forming near $3,750. A clear move above the $3,750 resistance might send the price toward the $3,800 resistance. An upside break above the $3,800 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,880 resistance zone or even $3,920. Another Slide In ETH? If Ethereum fails to clear the $3,650 resistance, it could start another decline. Initial support on the downside is near the $3,600 level. The first major support sits near the $3,580 zone. A clear move below the $3,580 support might push the price toward the $3,550 support. Any more losses might send the price toward the $3,440 support level in the near term. The next key support sits at $3,350. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,550 Major Resistance Level – $3,685
NewsBTC
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Source: NewsBTC
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ETH ethbtc ethereum ethusd ETHUSDT
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Altcoins Facing Bearish Downturn: Is There Hope on the Horizon?
As Bitcoin (BTC) continues to cause huge concern in the market due to its current bearish downtrend, what about the altcoins? Is there hope on the horizon, or are we about to see a wipeout across the board? For those holding altcoin positions the current malaise in the crypto market must be extremely concerning, and very difficult to bear. Should one sell and then wait for the bottom, or are we on the brink of a recovery? Total3 could be heading to $800 billion Source: TradingView The Total3 chart tracks the combined market capitalisation of all cryptocurrencies, excluding $BTC and $ETH. One can see that the price has just fallen through the 0.382 Fibonacci level, and could be heading all the way down to the 0.618 Fibonacci, which would generally line up with the top of the bull flag which saw its peak at the end of March 2024. Bitcoin Dominance stops at 58% or climbs past 62%? Source: TradingView The Bitcoin Dominance chart (BTC.D) is a real conundrum. What initially looked like a confirmed dip below the ascending channel turned into a rally back inside the channel. That said, a trendline may be forming which could reject dominance from the 58% level. If it fails to do so, and dominance can break up through this trendline, plus horizontal resistance, a rise to the top of the channel could take dominance past 62%. Having the courage of one`s convictions With all this bearishness happening across crypto, it must be very difficult for the average investor to stop themselves from just selling up and getting out of the crypto market, perhaps once and for all. That said, markets are not for the weak-minded and those who do not have the courage of their convictions. It has always been the case that investors of this ilk have been crushed under the market bulldozer without pity. The current bull market is so far not acting like the previous ones. The days when this or that altcoin would make absolutely ridiculous gains based on nothing but thin air are probably well and truly over. However, there are certain altcoins that could excel in the coming huge changes to the financial sector, and probably in various other sectors. There is no alternative to doing one’s own research on the fundamentals of these altcoins, and even then, one must have the courage of one’s convictions to hold these altcoins through the worst of times. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. NewsBTC
Will Solana surge to $299 or drop to $109? Key levels to watch are…
Solana is experiencing strong bearish sentiments, as Solana has declined by 14.72% over the past week. NewsBTC
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