• bitcoinBitcoin (BTC) $ 81,165.00
  • ethereumEthereum (ETH) $ 1,877.05
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  • xrpXRP (XRP) $ 2.25
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  • binance-peg-wethBinance-Peg WETH (WETH) $ 1,876.27
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  • movementMovement (MOVE) $ 0.448119
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  • nexoNEXO (NEXO) $ 1.04
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  • dexeDeXe (DEXE) $ 17.40
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  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,105.59
  • blockstackStacks (STX) $ 0.617573
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  • binance-staked-solBinance Staked SOL (BNSOL) $ 127.86
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  • mantle-staked-etherMantle Staked Ether (METH) $ 1,988.33
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  • iotaIOTA (IOTA) $ 0.177695
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  • flowFlow (FLOW) $ 0.392255
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 1,949.51
  • msolMarinade Staked SOL (MSOL) $ 156.69
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  • pyth-networkPyth Network (PYTH) $ 0.140115
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  • heliumHelium (HNT) $ 2.79
  • axie-infinityAxie Infinity (AXS) $ 3.15
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 134.46
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  • true-usdTrueUSD (TUSD) $ 0.998468
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  • pumpbtcpumpBTC (PUMPBTC) $ 79,787.00
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  • aerodrome-financeAerodrome Finance (AERO) $ 0.513064
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TA: Ethereum Prints Bearish Pattern, Why It Could Correct To $2.8K

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TA: Ethereum Prints Bearish Pattern, Why It Could Correct To $2.8K

Ethereum failed to surpass $3,050 and corrected lower against the US Dollar. ETH price is declining and might test the $2,800 support zone in the near term.

  • Ethereum failed to continue higher above $3,040 and started a downside correction.
  • The price is now trading above $2,880 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $2,960 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend decline towards the $2,800 support if it breaks the 100 hourly SMA.

Ethereum Price Corrects Lower

Ethereum was able to surpass the $3,000 resistance level. However, ETH failed to gain momentum above the $3,040 level. A high was formed near $3,042 and the price started a downside correction.

There was a move below the $3,000 and $2,950 levels. Besides, there was a break below a key bullish trend line with support near $2,960 on the hourly chart of ETH/USD. The pair traded below the 23.6% Fib retracement level of the recent wave from the $2,560 swing low to $3,042 high.

It is now trading above $2,880 and the 100 hourly simple moving average. On the upside, ether price is facing resistance near the $2,930 level.

TA: Ethereum Prints Bearish Pattern, Why It Could Correct To $2.8K

Source: ETHUSD on TradingView.com

The first major resistance is seen near the $2,950 and $2,960 levels. The main resistance is still near the $3,000 and $3,050 levels. A clear move above the $3,050 level might open the doors for a steady increase. In the stated case, the price may possibly rise towards the $3,120 level or even $3,200.

More Downsides in ETH?

If ethereum fails to start a fresh increase above the $2,950 level, it could extend decline. An initial support on the downside is near the $2,880 level and the 100 hourly simple moving average.

The next major support is near the $2,840 level, below which the price might decline towards the $2,800 support. It is near the 50% Fib retracement level of the recent wave from the $2,560 swing low to $3,042 high. Any more losses might call for a move towards the $2,750 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining pace in the bearish zone.

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

Major Support Level – $2,880

Major Resistance Level – $3,000

Source

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