Ethereum Price Dips Again: Is This a Buying Opportunity?

Oct 8, 2024 04:00 am Cryptocurrency 19

Ethereum price extended its increase above the $2,500 zone. ETH is now correcting gains and might find support near the $2,400 zone.

Ethereum started a downside correction from the $2,520 zone.

The price is trading below $2,450 and the 100-hourly Simple Moving Average.

There was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must stay above the $2,400 support level to start another increase in the near term.

Ethereum Price Corrects Gains

Ethereum price extended its upward move above the $2,400 level. ETH was able to clear the $2,450 resistance to move into a positive zone like Bitcoin. The price was able to climb above the $2,500 resistance zone.

However, the bears were active above $2,500. A high was formed at $2,519 and the price started a downside correction. There was a move below the $2,450 support level. The price dipped ..

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