CandleFocus Ethereum Price Dips Again: Is This a Buying Opportunity?
2024-10-08
Author: Content Editor
The price of Ethereum (ETH) has risen above the $2,500 level but is currently experiencing a corrective decline. It may find support around the $2,400 zone. The bears have been active above the $2,500 level, causing a downside correction. The price has dipped below the $2,450 support level and is now trading below the 100-hourly Simple Moving Average. However, the bulls are protecting the 50% Fibonacci retracement level. If the price breaks above the $2,450 resistance, it could continue to rise towards the $2,580 resistance zone. On the other hand, if it fails to clear the $2,450 resistance, it may start another decline with initial support at $2,420 and major support at $2,400. Technical indicators show that the MACD is losing momentum in the bullish zone and the RSI is below 50.
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