Ethereum Price at $3,000: Can Support Prevent Further Losses?

Nov 15, 2024 04:00 am Cryptocurrency 111

Ethereum price started a downside correction below the $3,250 zone. ETH is now consolidating near $3,000 and might attempt a fresh increase.

Ethereum started a short-term downside correction below the $3,250 zone.

The price is trading above $3,200 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a fresh increase if it remains stable above the $3,000 zone.

Ethereum Price Hits Support

Ethereum price failed to extend gains above the $3,450 zone and started a downside correction like Bitcoin. ETH declined below the $3,320 and $3,250 support levels.

The bears even pushed the price below the $3,120 zone. It tested the $3,000 support zone. A low was formed at $3,031 and the price is now consolidating losses. It might soon test the 23.6% Fib retracement level of the recent decline from the $3,340 swing high to ..

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