{"id":608495,"date":"2024-05-17T02:48:34","date_gmt":"2024-05-17T02:48:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=608495"},"modified":"2024-06-11T14:45:55","modified_gmt":"2024-06-11T14:45:55","slug":"ethereum-price-correction-2925","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum-price-correction-2925\/","title":{"rendered":"Ethereum Price Undergoes Technical Correction: Market Adjusts After Recent Increase"},"content":{"rendered":"<p><em>Ethereum price tested the $3,040 zone and corrected gains. ETH is now testing the $2,925 support and might aim for a fresh increase.<\/em><\/p>\n<ul>\n<li>Ethereum started a downside correction after the bears defended $3,040.<\/li>\n<li>The price is trading below $2,960 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $2,965 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 $2,925 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Dips Again<\/h2>\n<p>Ethereum price started a fresh increase above the $2,950 and $2,960 levels, like <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-consolidates-65k-3\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a>. ETH even cleared the $3,000 level before the bears appeared near $3,040.<\/p>\n<p>A new weekly high was formed at $3,039 and the price recently started a downside correction. There was a move below the $3,000 level. Ether dipped below the 50% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high.<\/p>\n<p>Ethereum is now trading below $2,960 and the <a href=\"https:\/\/ktsl888.com\/analysis\/eth\/ethereum-price-recovery-trails-bitcoin\/\" target=\"_blank\" rel=\"noopener \">100-hourly Simple Moving Average<\/a>. However, the bulls are active near the $2,925 support and the 61.8% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high.<\/p>\n<p>Immediate resistance is near the $2,960 level. There is also a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH\/USD.<\/p>\n<figure id=\"attachment_608496\" aria-describedby=\"caption-attachment-608496\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-608496 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png?resize=1024%2C461\" alt=\"Ethereum Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/05\/Ethereum_8dc84d.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-608496\" 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 first major resistance is near the $3,000 level. An upside break above the $3,000 resistance might send the price higher. The next key resistance sits at $3,050, above which the price might gain traction and rise toward the $3,150 level. If there is a clear move above the $3,150 level, the price might rise and test the $3,220 resistance. Any more gains could send Ether toward the $3,350 resistance zone.<\/p>\n<h2>More Losses In ETH?<\/h2>\n<p>If Ethereum fails to clear the $2,965 resistance and the trend line, it could continue to move down. Initial support on the downside is near the $2,925 level.<\/p>\n<p>The next major support is near the $2,900 zone. A clear move below the $2,900 support might push the price toward $2,850. Any more losses might send the price toward the $2,740 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 bearish 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 $2,925<\/p>\n<p>Major Resistance Level \u2013 $2,965<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price tested the $3,040 zone and corrected gains. ETH is now testing the $2,925 support and might aim for a fresh increase. Ethereum started a downside correction after the bears defended $3,040. The price is trading below $2,960 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,965 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 $2,925 support. Ethereum Price Dips Again Ethereum price started a fresh increase above the $2,950 and $2,960 levels, like Bitcoin. ETH even cleared the $3,000 level before the bears appeared near $3,040. A new weekly high was formed at $3,039 and the price recently started a downside correction. There was a move below the $3,000 level. Ether dipped below the 50% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high. Ethereum is now trading below $2,960 and the 100-hourly Simple Moving Average. However, the bulls are active near the $2,925 support and the 61.8% Fib retracement level of the upward move from the $2,860 swing low to the $3,039 high. Immediate resistance is near the $2,960 level. There is also a connecting bearish trend line forming with resistance at $2,965 on the hourly chart of ETH\/USD. The first major resistance is near the $3,000 level. An upside break above the $3,000 resistance might send the price higher. The next key resistance sits at $3,050, above which the price might gain traction and rise toward the $3,150 level. If there is a clear move above the $3,150 level, the price might rise and test the $3,220 resistance. Any more gains could send Ether toward the $3,350 resistance zone. More Losses In ETH? If Ethereum fails to clear the $2,965 resistance and the trend line, it could continue to move down. Initial support on the downside is near the $2,925 level. The next major support is near the $2,900 zone. A clear move below the $2,900 support might push the price toward $2,850. Any more losses might send the price toward the $2,740 level in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is losing momentum in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $2,925 Major Resistance Level \u2013 $2,965<\/p>\n","protected":false},"author":67,"featured_media":608498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[65296,1946,8686,78803],"class_list":["post-608495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Undergoes Technical Correction: Market Adjusts After Recent Increase<\/title>\n<meta name=\"description\" content=\"Ethereum price tested the $3,040 zone and corrected gains. 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