Ethereum Price Dips Again—Time to Panic or Opportunity to Buy?

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price started a fresh decline from the $1,690 zone. ETH is now consolidating and might decline further below the $1,580 support zone.


  • Ethereum started a fresh decline after it failed to clear $1,700 and $1,720.

  • The price is trading below $1,620 and the 100-hourly Simple Moving Average.

  • There was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could start a fresh increase if it clears the $1,640 resistance zone.


Ethereum Price Faces Rejection


Ethereum price formed a base above $1,550 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,600 and $1,620 resistance levels.


The bulls even pumped the price above the $1,650 zone. A high was formed at $1,690 and the price recently corrected gains. There was a move below the $1,640 support zone. Besides, there was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD.


The price tested the 50% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high. Ethereum price is now trading below $1,625 and the 100-hourly Simple Moving Average.


On the upside, the price seems to be facing hurdles near the $1,620 level. The next key resistance is near the $1,640 level. The first major resistance is near the $1,650 level. A clear move above the $1,650 resistance might send the price toward the $1,690 resistance.


Ethereum Price


An upside break above the $1,690 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.


More Losses In ETH?


If Ethereum fails to clear the $1,640 resistance, it could start another decline. Initial support on the downside is near the $1,580 level. The first major support sits near the $1,555 zone and the 61.8% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high.


A clear move below the $1,555 support might push the price toward the $1,525 support. Any more losses might send the price toward the $1,450 support level in the near term. The next key support sits at $1,420.


Technical Indicators


  • Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

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

  • Major Support Level – $1,580

  • Major Resistance Level – $1,640

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Ripple Price Forecast: XRP builds bullish momentum as Ripple eyes Circle with $5B acquisition bidRipple’s (XRP) price is consolidating at $2.21 at the time of writing on Thursday, reflecting sideways trading in the wider cryptocurrency market. There is a growing need for XRP to hold above the immediate $2.20 confluence support to validate the potential breakout targeting $3.00.
Author  FXStreet
2 hours ago
Ripple’s (XRP) price is consolidating at $2.21 at the time of writing on Thursday, reflecting sideways trading in the wider cryptocurrency market. There is a growing need for XRP to hold above the immediate $2.20 confluence support to validate the potential breakout targeting $3.00.
placeholder
Ripple Price Forecast: Five XRP spot ETFs face 85% approval odds after SEC leadership shiftRipple (XRP) price hovers at $2.24 at the time of writing on Wednesday as bulls try to prevent the pullback from its April peak of $2.36 from extending further.
Author  FXStreet
Apr 30, Wed
Ripple (XRP) price hovers at $2.24 at the time of writing on Wednesday as bulls try to prevent the pullback from its April peak of $2.36 from extending further.
placeholder
Bitcoin Demand Momentum Yet To Recover From Deep Negative Zone, Analyst SaysAccording to a recent CryptoQuant Quicktake post by analyst Crazzyblockk, Bitcoin’s 30-day Demand Momentum is still firmly in negative territory.
Author  NewsBTC
Apr 30, Wed
According to a recent CryptoQuant Quicktake post by analyst Crazzyblockk, Bitcoin’s 30-day Demand Momentum is still firmly in negative territory.
placeholder
Approval odds of ETFs rise in 2025 even for altcoinsThe odds of ETF approvals are rising, with most applications focusing on Solana and XRP.
Author  Cryptopolitan
Apr 30, Wed
The odds of ETF approvals are rising, with most applications focusing on Solana and XRP.
placeholder
Ethereum’s Narrative Crisis Becomes Contentious Amid Store of Value and Revenue DebateThe Ethereum network is facing a “narrative crisis,” with its community splintering over ETH’s core value proposition.
Author  Beincrypto
Apr 30, Wed
The Ethereum network is facing a “narrative crisis,” with its community splintering over ETH’s core value proposition.
Real-time Quote