Ethereum price has recently experienced a downside correction from the $3,520 zone. Despite this, ETH remains stable above $3,420 and there is potential for another increase in the near term. The price failed to surpass the $3,520 zone, leading to a downward correction. However, it is currently trading above $3,420 and the 100-hourly Simple Moving Average, indicating a certain level of stability.
There is a connecting bearish trend line forming with resistance near $3,470 on the hourly chart of ETH/USD. The pair must clear both the $3,470 and $3,520 resistance levels to continue on a higher trajectory. Additionally, the price is facing resistance near the $3,470 level, with the first major resistance at $3,500. Further hurdles include the $3,520 level and the $3,550 resistance. A close above $3,520 could push Ether to the $3,650 and $3,720 resistance zones.
If Ethereum fails to clear the $3,470 resistance, it could continue to move down. Initial support on the downside is near $3,435, with the first major support sitting at the $3,420 zone. A clear break below $3,420 could potentially push the price towards $3,350 and even further down to $3,320 in the near term.
The hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone, while the hourly RSI is now below the 50 zone. These technical indicators suggest a level of uncertainty in the market, with potential for further downside movement.
Ethereum price has been experiencing some volatility in recent trading sessions, with support and resistance levels playing a crucial role in determining its future trajectory. Traders and investors should monitor key levels closely and stay informed about any developments that may impact the price of Ethereum in the coming days.
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