Market
Expect Lower Prices as Correction Persists
The Ethereum (ETH) price is currently undergoing a correction, with the price approaching significant Fibonacci support levels. Whether Ethereum will break this support bearishly or not remains uncertain.
The possibility of Ethereum reaching a new annual low largely depends on market dynamics and investor sentiment. While there’s always the possibility of further downside, it’s also plausible that Ethereum could reverse its trend and move upward again in the near future.
Ethereum’s Price Trend: Ongoing Correction Continues
The Ethereum price has experienced a decline of approximately 31.3% since reaching a recent peak of around $4,094 the month before last. This substantial corrective movement has coincided with a bearish trend in the Moving Average Convergence/Divergence (MACD) histogram since last month.
Despite these bearish indicators, the MACD lines are currently still crossed in a bullish manner, while the Relative Strength Index (RSI) remains neutral. Ethereum is presently encountering significant Fibonacci support at approximately $2,866.
Should Ethereum break below this support level, the subsequent significant Fibonacci support is expected around $2,100. However, maintaining a position above this level would likely sustain the bullish momentum in the medium term.
Read More: Ethereum ETF Explained: What It Is and How It Works
Additionally, the 50-month EMA at around $1,900 provides supplementary support to the Ethereum price.
Ethereum’s Weekly Outlook: MACD Shows Bearish Signals
If Ethereum were to break below the current Fibonacci support level, the subsequent significant support is anticipated at the 50-week EMA around $2,520. Notably, the MACD exhibits a clear bearish trend in the weekly chart.
This is evidenced by the MACD histogram, which has been steadily declining in a bearish manner over the past few weeks. Moreover, the MACD lines have crossed bearishly.
In contrast, the RSI remains neutral, and the EMAs continue to maintain a golden crossover, indicative of a bullish trend in the medium term.
Will Ethereum Retrace to $2,866? Analyzing the 0.382 Fib Level
Ethereum seems poised to revisit the .382 Fibonacci support level at approximately $2,866, with further support anticipated around the 200-day EMA at roughly $2,814.
Observing the MACD, the lines are approaching a potential bearish crossover, while the MACD histogram has displayed a downward trend over recent days, indicative of bearish sentiment.
In contrast, the RSI remains neutral, offering no clear indications of bullish or bearish momentum. At the same time, the EMAs maintain a golden crossover, signaling a bullish trend in the short to medium term. Thus, the corrective phase appears to persist at present.
Can Ethereum Invalidate Its Current Correction?
To nullify the ongoing corrective phase, Ethereum’s price must surpass the 0.382 Fibonacci resistance level at approximately $3,303, followed by the golden ratio at around $3,700, signaling a return to the upward trajectory. However, the indicators on the 4-hour chart predominantly exhibit bearish signals.
The EMAs have formed a death cross, affirming the current bearish trend in the short term. Furthermore, the MACD lines crossed bearishly, accompanied by a downward trend in the MACD histogram, while the RSI maintained a neutral stance.
Ethereum vs. Bitcoin: ETH Continues Its Downward Trend
Ethereum’s downward trajectory against BTC persists, with Ethereum encountering substantial support at approximately 0.043 BTC, a level it is in close proximity to. The MACD lines have crossed into bearish territory, with the histogram displaying a downward trend since the previous week. Despite this, the RSI remains neutral.
Read more: Ethereum (ETH) Price Prediction 2024 / 2025 / 2030
Moreover, the EMAs are on the verge of forming a bearish crossover, signaling a potentially prolonged bearish trend in the medium term. Ethereum’s stance against BTC evidently leans bearish.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Builds a Base: Can Bulls Ignite a New Rally?
XRP price surged further above the $1.45 and $1.50 resistance levels. The price is now consolidating gains near $1.40 and might aim for more upsides.
- XRP price started a fresh surge above the $1.40 resistance level.
- The price is now trading above $1.350 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is showing positive signs and might extend its rally above the $1.450 resistance.
XRP Price Holds Gains
XRP price formed a base above $1.250 and started a fresh increase. There was a move above the $1.350 and $1.40 resistance levels. It even pumped above the $1.50 level, beating Ethereum and Bitcoin in the past two days.
A high was formed at $1.6339 before there was a pullback. The price dipped below the $1.50 support level. A low was formed at $1.3007 and the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.
The price is now trading above $1.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.420 level. The first major resistance is near the $1.450 level.
There is also a new connecting bearish trend line forming with resistance at $1.450 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.6339 swing high to the $1.3007 low.
The next key resistance could be $1.500. A clear move above the $1.50 resistance might send the price toward the $1.5550 resistance. Any more gains might send the price toward the $1.620 resistance or even $1.650 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Limited?
If XRP fails to clear the $1.450 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3450 level. The next major support is near the $1.320 level.
If there is a downside break and a close below the $1.320 level, the price might continue to decline toward the $1.300 support. The next major support sits near the $1.240 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.4200 and $1.4000.
Major Resistance Levels – $1.4500 and $1.5000.
Market
Solana (SOL) Bulls Stay in Control: Rally Far From Over?
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Market
Ethereum Price Poised for Gains: $3,600 Within Reach?
Ethereum price started a fresh increase above the $3,320 zone. ETH is rising and aiming for more gains above the $3,500 resistance.
- Ethereum started a fresh increase above the $3,300 and $3,320 levels.
- The price is trading above $3,300 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,420 resistance zone.
Ethereum Price Eyes More Gains
Ethereum price remained supported above $3,120 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,220 and $3,300 resistance levels.
The bulls pumped the price above the $3,400 level. It gained over 10% and traded as high as $3,499. Recently, there was a downside correction below $3,400. The price dipped below $3,320 and tested $3,280. A low was formed at $3,288 and the price is now consolidating above the 23.6% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low.
Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD.
The first major resistance is near the $3,400 level. The main resistance is now forming near $3,420 or the 61.8% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low.
A clear move above the $3,420 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,600 resistance zone or even $3,620.
Downsides Limited In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,320 level. The first major support sits near the $3,285 zone.
A clear move below the $3,285 support might push the price toward $3,220. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,040.
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 – $3,300
Major Resistance Level – $3,350
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