{"id":608853,"date":"2024-05-20T01:48:41","date_gmt":"2024-05-20T01:48:41","guid":{"rendered":"https:\/\/wncen.com\/?p=608853"},"modified":"2024-06-11T06:59:03","modified_gmt":"2024-06-11T06:59:03","slug":"ethereum-price-dips-bulls-to-scoop-up-the-opportunity","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-dips-bulls-to-scoop-up-the-opportunity\/","title":{"rendered":"Ethereum Price Dips: Bulls To Scoop Up the Opportunity?"},"content":{"rendered":"<p><em>Ethereum price started a downside correction from the $3,150 zone. ETH is holding gains and might start another increase from the $3,000 support.<\/em><\/p>\n<ul>\n<li>Ethereum started a downside correction after the bears defended $3,150.<\/li>\n<li>The price is trading above $3,000 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a fresh increase unless there is a close below the $3,000 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Holds Ground<\/h2>\n<p>Ethereum price gained pace after it settled above the $3,000 level, like <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-dips-66k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a>. ETH even cleared the $3,050 level before the bears appeared near $3,150. A new weekly high was formed at $3,144 and the price recently started a downside correction.<\/p>\n<p>There was a move below the $3,100 level. Ether dipped below the 23.6% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high.<\/p>\n<p>Ethereum is now trading above $3,000 and the <a href=\"https:\/\/wncen.com\/all\/ethereum-price-correction-2925\/\" target=\"_blank\" rel=\"noopener \">100-hourly Simple Moving Average<\/a>. The bulls are active near the $3,065 support and they are protecting the 50% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high.<\/p>\n<p>Immediate resistance is near the $3,080 level. There is also a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH\/USD. The first major resistance is near the $3,150 level. An upside break above the $3,150 resistance might send the price higher.<\/p>\n<figure id=\"attachment_608854\" aria-describedby=\"caption-attachment-608854\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-608854 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png?resize=1024%2C449\" alt=\"Ethereum Price\" width=\"1024\" height=\"449\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum_142dbc.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-608854\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>The next key resistance sits at $3,200, above which the price might gain traction and rise toward the $3,250 level. If there is a clear move above the $3,250 level, the price might rise and test the $3,320 resistance. Any more gains could send Ether toward the $3,500 resistance zone.<\/p>\n<h2>More Losses In ETH?<\/h2>\n<p>If Ethereum fails to clear the $3,080 resistance and the trend line, it could continue to move down. Initial support on the downside is near the $3,065 level.<\/p>\n<p>The next major support is near the $3,000 zone. A clear move below the $3,000 support might push the price toward $2,980. Any more losses might send the price toward the $2,860 level in the near term.<\/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 level.<\/p>\n<p>Major Support Level \u2013 $3,000<\/p>\n<p>Major Resistance Level \u2013 $3,080<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price started a downside correction from the $3,150 zone. ETH is holding gains and might start another increase from the $3,000 support. Ethereum started a downside correction after the bears defended $3,150. The price is trading above $3,000 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could start a fresh increase unless there is a close below the $3,000 support. Ethereum Price Holds Ground Ethereum price gained pace after it settled above the $3,000 level, like Bitcoin. ETH even cleared the $3,050 level before the bears appeared near $3,150. A new weekly high was formed at $3,144 and the price recently started a downside correction. There was a move below the $3,100 level. Ether dipped below the 23.6% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high. Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. The bulls are active near the $3,065 support and they are protecting the 50% Fib retracement level of the upward move from the $2,927 swing low to the $3,144 high. Immediate resistance is near the $3,080 level. There is also a connecting bearish trend line forming with resistance at $3,080 on the hourly chart of ETH\/USD. The first major resistance is near the $3,150 level. An upside break above the $3,150 resistance might send the price higher. The next key resistance sits at $3,200, above which the price might gain traction and rise toward the $3,250 level. If there is a clear move above the $3,250 level, the price might rise and test the $3,320 resistance. Any more gains could send Ether toward the $3,500 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,080 resistance and the trend line, it could continue to move down. Initial support on the downside is near the $3,065 level. The next major support is near the $3,000 zone. A clear move below the $3,000 support might push the price toward $2,980. Any more losses might send the price toward the $2,860 level in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is losing momentum in the bullish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $3,000 Major Resistance Level \u2013 $3,080<\/p>\n","protected":false},"author":67,"featured_media":608855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[65296,1946,8686,78803],"class_list":["post-608853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Dips: Bulls To Scoop Up the Opportunity?<\/title>\n<meta name=\"description\" content=\"Ethereum price started a downside correction from the $3,150 zone. 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