The post Ethereum Price Hints at Downside Correction: Will Support Hold? appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Ethereum price started a downside correction from the $3,450 zone. ETH is now consolidating and facing hurdles near the $3,250 resistance. Ethereum started a short-term downside correction from the $3,450 zone. The price is trading above $3,120 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it remains stable above the $3,120 zone. Ethereum Price Hits Support Ethereum price started a fresh increase above the $3,1200 resistance like Bitcoin. ETH was able to climb above the $3,220 and $3,320 resistance levels to move further into a positive zone. It even surged above the $3,400 level and traded to a new monthly high. A high was formed at $3,445 before there was a minor pullback. The price dipped below the $3,320 and $3,250 support levels. A low was formed at $3,124 and the price is now consolidating. Ethereum price is now trading above $3,120 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,230 level or the 50% Fib retracement level of the recent decline from the $3,340 swing high to the $3,124 low. There is also a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH/USD. The first major resistance is near the $3,260 level. The main resistance is now forming near $3,320. A clear move above the $3,320 resistance might send the price toward the $3,450 resistance. Source: ETHUSD on TradingView.com An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone. More Losses…

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Filed under: News - @ November 14, 2024 4:21 am