{"id":1223,"date":"2024-11-14T05:11:06","date_gmt":"2024-11-14T05:11:06","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/ethereum-price-hints-at-downside-correction-will-support-hold\/"},"modified":"2024-11-14T05:11:06","modified_gmt":"2024-11-14T05:11:06","slug":"ethereum-price-hints-at-downside-correction-will-support-hold","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/ethereum-price-hints-at-downside-correction-will-support-hold\/","title":{"rendered":"Ethereum Price Hints at Downside Correction: Will Support Hold?"},"content":{"rendered":"<p><em>Ethereum price started a downside correction from the $3,450 zone. ETH is now consolidating and facing hurdles near the $3,250 resistance.<\/em><\/p>\n<ul>\n<li>Ethereum started a short-term downside correction from the $3,450 zone.<\/li>\n<li>The price is trading above $3,120 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could continue to rise if it remains stable above the $3,120 zone.<\/li>\n<\/ul>\n<h2>Ethereum Price Hits Support<\/h2>\n<p>Ethereum price started a fresh increase above the $3,1200 resistance like Bitcoin. ETH was able to climb above the $3,220 and $3,320 resistance levels to move further into a positive zone.<\/p>\n<p>It even surged above the $3,400 level and traded to a new monthly high. A high was formed at $3,445 before there was a minor pullback. The price dipped below the $3,320 and $3,250 support levels. A low was formed at $3,124 and the price is now consolidating.<\/p>\n<p>Ethereum price is now trading above $3,120 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,230 level or the 50% Fib retracement level of the recent decline from the $3,340 swing high to the $3,124 low.<\/p>\n<p>There is also a connecting bearish trend line forming with resistance at $3,240 on the hourly chart of ETH\/USD. The first major resistance is near the $3,260 level. The main resistance is now forming near $3,320. A clear move above the $3,320 resistance might send the price toward the $3,450 resistance.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"wp-image-653011 size-full\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/11\/Ethereum_884bce.png?resize=1024%2C478\" alt=\"Ethereum Price\" width=\"1024\" height=\"478\" \/><\/p>\n<p>An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone.<\/p>\n<h2>More Losses In ETH?<\/h2>\n<p>If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,150 level. The first major support sits near the $3,120 zone.<\/p>\n<p>A clear move below the $3,120 support might push the price toward $3,050. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,880.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n<p>Major Support Level \u2013 $3,120<\/p>\n<p>Major Resistance Level \u2013 $3,250<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price started a downside correction from the $3,450 zone. ETH is now consolidating and facing hurdles near the $3,250 resistance. Ethereum started a short-term downside correction from the $3,450 zone. The price is trading above $3,120 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,240&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[147],"tags":[138,148,102,104,105],"class_list":["post-1223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eth","tag-eth","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1223"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1224"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}