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Ethereum Price Retests $2,350: Is a Bounce In The Cards?

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Ethereum price extended losses and tested the $2,350 support. ETH is now consolidating and might aim for a fresh increase above the $2,400 resistance.

  • Ethereum started a downside correction below the $2,400 zone.
  • The price is trading just above $2,420 and the 100-hourly Simple Moving Average.
  • There was a break below a short-term rising channel with support at $2,425 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $2,350 support level to start another increase in the near term.

Ethereum Price Dips Further

Ethereum price failed to start a fresh increase above the $2,500 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,420 support zone.

There was also a move below the $2,400 level. There was a break below a short-term rising channel with support at $2,425 on the hourly chart of ETH/USD. The price tested the $2,350 support zone. A low was formed at $2,350 and the price is now rising.

There was a move above the $2,350 and $2,360 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,467 swing high to the $2,350 low.

Ethereum price is now trading below $2,425 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,400 level or the 50% Fib retracement level of the downward move from the $2,467 swing high to the $2,350 low at $2,410.

Ethereum Price

A clear move above the $2,410 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone in the near term. The next hurdle sits near the $2,600 level or $2,620.

More Losses In ETH?

If Ethereum fails to clear the $2,410 resistance, it could start another decline. Initial support on the downside is near the $2,365 level. The first major support sits near the $2,350 zone.

A clear move below the $2,350 support might push the price toward $2,300. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,350

Major Resistance Level – $2,410



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Ethereum Price Hints at Downside Correction: Will Support Hold?

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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.

Ethereum Price
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 In ETH?

If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,150 level. The first major support sits near the $3,120 zone.

A clear move below the $3,120 support might push the price toward $3,050. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,880.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,120

Major Resistance Level – $3,250



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Why SHIB Price Drop May Continue?

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Leading meme coin Shiba Inu (SHIB) has seen an 18% price drop in the past 24 hours. This mirrors the broader cryptocurrency market’s downturn, with global market capitalization falling by 5% over the same period.

An assessment of the meme coin’s on-chain and technical setup has revealed a weakening bullish momentum and a growing dominance of bearish sentiment. This indicates that SHIB may extend this downtrend. Here is how. 

Shiba Inu Loses Its Bulls

Shiba Inu’s declining open interest (OI) confirms the decrease in market activity and a waning of bullish enthusiasm among the meme coin holders. As of this writing, this stands at $82.49 million, noting a 32% fall over the past 24 hours. 

Shib Open Interest.
Shiba Inu Open Interest. Source: Coinglass

OI refers to the total number of active contracts in the futures or options market that have not yet been settled, expired, or closed out. When it falls, it is a bearish signal. It suggests that traders are closing out their positions, likely because they believe the asset’s value will continue to drop or because they want to limit losses.

This drop in OI amid falling prices, as in SHIB’s case, is a sign that bearish sentiment is strong among market participants.

Additionally, the meme coin’s Mean Dollar Invested Age (MDIA) has declined steadily since November 9, confirming the uptick in selling pressure in the market. As of this writing, SHIB’s MDIA is 877, having decreased by 1.5% over the past four days.

Shib MDIA
Shiba Inu MDIA. Source: Santiment

The MDIA tracks the average age of coins based on their dollar value. It measures how long, on average, a dollar invested in a cryptocurrency has remained idle in its current wallet address. A higher MDIA suggests that investors have kept their holdings over extended periods, while a lower MDIA means recent capital inflows or outflows.

When an asset’s MDIA falls, it suggests that older coins are being moved, indicating increased trading activity. When this happens during a period of price decline, it indicates profit-taking or loss-cutting.

It suggests a shift in market sentiment, with investors showing a greater willingness to sell their holdings. This selling activity contributes to a bearish trend as selling pressure outweighs buying pressure.

SHIB Price Prediction: Key Targets To Watch

As of this writing, Shiba Inu trades at $0.000023. Its double-digit fall over the past 24 hours has caused its price to decline toward its 20-day exponential moving average (EMA), which tracks its average price over the past 20 trading days.

The 20-day EMA acts as a dynamic support level in an upward trend. A decline towards this level means a drop in buying pressure.

However, it offers a support floor where price corrections or pullbacks often find buying interest. For Shiba Inu, its 20-day EMA forms support at $0.000020.

If the price breaks below the 20-day EMA, it indicates a shift in momentum, as the meme coin is no longer finding support at this level. This breakdown will attract further selling, as traders view it as a bearish sign, prompting them to exit or take short positions. Should the $0.000020 price level fail to hold as support, the SHIB price drop will continue to $0.000016. 

Shib Price Analysis.
Shiba Inu Price Analysis. Source: TradingView

However, if the 20-day EMA provides support, SHIB’s price may resume its uptrend and attempt to reclaim $0.000028.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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FLOKI Price Action Signals Strong Uptrend Despite Risks

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FLOKI price has seen an impressive surge, climbing 21.79% in the last 24 hours and up 62.39% over the past week. This rally has pushed several key indicators into bullish territory, showing strong upward momentum.

However, caution is warranted as some signals suggest that the current trend may face resistance or a potential pullback. The coming days will be crucial for determining whether FLOKI can sustain its rally or if a correction is on the horizon.

RSI Shows FLOKI Is Now Overbought

FLOKI price recent surge has driven its RSI to 71.42, up from 60 just a day ago, indicating strong buying momentum. An RSI above 70 usually suggests that an asset is overbought, hinting at a potential correction.

However, this doesn’t always mean an immediate pullback is certain.

FLOKI RSI.
FLOKI RSI. Source: TradingView.

RSI is a momentum indicator that measures whether an asset is overbought or oversold. Values above 70 are considered overbought, and values below 30 are considered oversold.

Although FLOKI’s RSI is currently in overbought territory, it has historically climbed above 80 before correcting, implying that the rally may still have room to run.

Ichimoku Cloud Shows a Bullish Setting For FLOKI

This Ichimoku Cloud chart for FLOKI shows a clear bullish momentum. The price is well above the cloud, indicating a strong uptrend.

The leading span A (green line) is above leading span B (red line), which supports the bullish outlook, while the cloud itself is in a positive configuration.

FLOKI Ichimoku Cloud.
FLOKI Ichimoku Cloud. Source: TradingView

Additionally, the price is significantly above the Tenkan-sen (blue line) and Kijun-sen (orange line), which further confirms the bullish momentum.

However, a small retracement is visible, suggesting that FLOKI may encounter some consolidation or pullback before deciding on its next move. As long as the price remains above the cloud, the uptrend is likely to stay intact.

FLOKI Price Prediction: A New 57% Price Surge?

FLOKI’s EMA lines are currently showing a very bullish setup, with the price trading above all of them. That rise consolidated FLOKI as the 6th biggest meme coin in the market.

This indicates strong upward momentum. If the rally continues, FLOKI price could potentially reach $0.00031, with further resistance at $0.000349, representing a possible 57% price increase from current levels.

FLOKI Price Analysis.
FLOKI Price Analysis. Source: TradingView.

However, if the uptrend loses steam and reverses, FLOKI could face a significant retracement.

Key support levels are found at $0.00016 and as low as $0.00012, which could imply a potential 45% correction.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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