CandleFocus Ethereum Price Back In The Red: A Deeper Drop Ahead?
2024-12-23
Author: Content Editor
The price of Ethereum has dropped below the $3,550 level and is showing bearish signs, with the possibility of further decline below the $3,150 level. Ethereum struggled to start an increase and experienced losses, dropping below $3,300 and even reaching a low of $3,100. The price is currently consolidating losses and trading below the $3,500 level and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $3,420, and a clear move above this could lead to further gains. However, if Ethereum fails to clear the resistance, it may continue to move down with initial support near the $3,200 level. The next key support levels are $3,120 and $3,050. The MACD and RSI indicators are both indicating a bearish trend.
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