Ethereum Price Hints At Potential Correction, Buy The Dip?

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The Ethereum market encountered challenges maintaining levels above $2,100, prompting a descent with potential further declines towards the $1,930 support in the immediate future.

  • Presently, Ethereum is in a consolidation phase, encountering resistance around the $2,060 range.
  • The price is currently below both $2,080 and the 100-hourly Simple Moving Average.
  • Notably, a significant bearish trend line is emerging with resistance near $2,065 on the hourly ETH/USD chart provided by Kraken’s data feed.
  • Should the $2,035 support zone be breached, a continuation of the downward trend is conceivable.

Ethereum Price Drops Again

The descent of Ethereum’s price resumed despite an effort to surpass the $2,080 resistance. Ethereum briefly exceeded the $2,120 resistance, mirroring Bitcoin’s movement, but encountered bearish activity above $2,120.

A peak occurred at approximately $2,132 before initiating a renewed decline. The price dipped below the $2,080 mark, establishing a low around $2,037 and is currently consolidating losses. Struggling beneath the 23.6% Fib retracement level from the recent swing high of $2,132 to the low of $2,037, Ethereum is trading below both $2,080 and the 100-hourly Simple Moving Average.

On the upside, resistance is evident around the $2,065 zone, accompanied by a crucial bearish trend line forming with resistance near $2,065 on the hourly ETH/USD chart. The primary resistance lies at $2,100 or the 61.8% Fib retracement level from the recent decline, and a decisive move above this level could propel the price towards the $2,120 resistance.

Beyond this, the subsequent resistance sits at approximately $2,135, surpassing which could lead to an advance towards the $2,200 level. Further gains might trigger a movement towards $2,250.

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Source: ETHUSD on TradingView.com

More Losses in ETH?

However, Ethereum faces the risk of additional losses if it fails to overcome the $2,080 resistance. Initial support is anticipated near the $2,035 level, followed by a crucial support level at $2,000. A breach below $2,000 could potentially drive Ether towards the $1,930 support, and the key support now rests at $1,900, with a potential downside towards the $1,840 level if breached.

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