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Home » The Crypto Blog » Ethereum Price Hints At Potential Correction, Buy The Dip?
The Crypto Blog

Ethereum Price Hints At Potential Correction, Buy The Dip?

Crypto Observer StaffBy Crypto Observer StaffNovember 27, 2023No Comments2 Mins Read
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Ethereum price struggled above $2,100. ETH is now moving lower and might continue to drop toward the $1,930 support in the near term.

  • Ethereum is consolidating and facing resistance near the $2,060 zone.
  • The price is trading below $2,080 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it breaks the $2,035 support zone.

Ethereum Price Drops Again

Ethereum price attempted a fresh increase above the $2,080 resistance zone. ETH even spiked above the $2,120 resistance zone, like Bitcoin. However, the bears were active above $2,120.

A high was formed near $2,132 before the price started a fresh decline. There was a move below the $2,080 level. A low is formed near $2,037 and the price is now consolidating losses. It is struggling below the 23.6% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low.

Ethereum is now trading below $2,080 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,065 zone. There is also a key bearish trend line forming with resistance near $2,065 on the hourly chart of ETH/USD.

The first key resistance is near the $2,100 level or the 61.8% Fib retracement level of the recent decline from the $2,132 swing high to the $2,037 low. A clear move above the $2,100 level could send the price toward the $2,120 resistance zone.

Source: ETHUSD on TradingView.com

The next resistance is near $2,135, above which the price could aim for a move toward the $2,200 level. Any more gains could start a wave toward the $2,250 level.

More Losses in ETH?

If Ethereum fails to clear the $2,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,035 level.

The next key support is $2,000. A downside break below $2,000 might send Ether toward the $1,930 support. The key support is now at $1,900, below which there is a risk of a move toward the $1,840 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

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

Major Support Level – $2,035

Major Resistance Level – $2,080

Read the full article here

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