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Home»EXCHANGE NEWS»Can Ethereum price hold this support and trigger a new rally?
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Can Ethereum price hold this support and trigger a new rally?

By Crypto FlexsMay 29, 20242 Mins Read
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Can Ethereum price hold this support and trigger a new rally?
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Ethereum price began a downward correction below the $3,880 support level. ETH is currently testing the $3,760 support and may target a fresh hike.

  • Ethereum has begun another downward correction below the $3,880 area.
  • The price is trading above $3,750 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a bearish trend line connected to the resistance at $3,880.
  • Unless it falls below the $3,760 support, the pair could increase again.

Support for Ethereum price decline

Ethereum price failed to test the $4,000 resistance zone and began a downward correction like Bitcoin. ETH fell below the $3,920 and $3,880 support levels.

A spike also occurred below the 50% Fib retracement level rising from the $3,631 swing low to the $3,972 high. The price eventually fell below the $3,800 level. However, the bulls remained active near the $3,760 support zone.

The price remained above the 61.8% Fib retracement level, rising from the $3,631 swing low to the $3,972 high. Ethereum price is currently trading above $3,750 and the 100-hour simple moving average.

Immediate resistance is near the $3,880 level. Additionally, the hourly chart of ETH/USD has a bearish trend line forming with resistance at $3,880. The first major resistance is near the $3,920 level. An upside reversal above the $3,920 resistance could push the price higher.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,950, above which the price may gain traction and advance towards the $4,000 level. A clear move above the $4,000 level could push the price higher to test the $4,080 resistance. Further gains could push Ether towards the $4,150 resistance zone.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,880 resistance, it may continue to fall. Initial support for the downside is near the $3,800 level.

The next major support level is near $3,760. A clear break below the $3,760 support could push the price towards $3,720. More losses could push the price towards the $3,630 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is now below the 50 area.

Key Support Level – $3,760

Key Resistance Level – $3,880

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