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Home»EXCHANGE NEWS»Is Ethereum price cutting gains and declines still attractive in the near term?
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Is Ethereum price cutting gains and declines still attractive in the near term?

By Crypto FlexsApril 10, 20243 Mins Read
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Is Ethereum price cutting gains and declines still attractive in the near term?
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Ethereum price failed to continue rising above the $3,725 resistance zone. ETH has pared its gains and is now consolidating near the $3,475 support.

  • Ethereum failed to rise above the $3,725 resistance level.
  • The price is trading near $3,500 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), a break has occurred below a key bullish trendline with support at $3,510.
  • If it stays above the $3,420 support zone, it could start a new rally.

Ethereum price rejected

Ethereum price began a significant rise above the $3,550 resistance level. ETH also passed the $3,650 resistance zone, but the downtrend became active near $3,725. A high was made at $3,726 and the price began a new downward trend, like Bitcoin.

It moved below the $3,600 and $3,550 levels. On the hourly chart of ETH/USD, a break has occurred below the main bullish trendline supporting $3,510. The pair surged below the 50% Fib retracement level, rising from the $3,224 swing low to the $3,726 low.

Ethereum is currently trading near $3,500 and the 100-hour simple moving average. Immediate resistance is near the $3,520 level. The first major resistance is near the $3,560 level. The next major resistance level is $3,610, above which the $3,650 level could be tested.

Source: ETHUSD on TradingView.com

The main resistance level is currently near $3,725, above which Ethereum could see some strength. If specified, prices could rise into the $3,800 range. If there is a move above the $3,800 resistance, Ethereum may rise to the $4,000 resistance.

Will there be more losses in ETH?

If Ethereum fails to clear the $3,610 resistance, it may continue to fall. Initial support for the downside is near the $3,475 level.

The first major support is near the $3,420 zone or the 61.8% Fib retracement level of the rise from the $3,224 swing low to the $3,726 low. The next major support could be the $3,340 zone. A clear move below the $3,340 support could lead the price towards $3,240. Any more losses could push the price down to the $3,120 level.

technical indicators

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

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

Key Support Level – $3,420

Key Resistance Level – $3,610

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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