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Ethereum price downward trend pauses, short-term resistance is located in the $3180-3225 range

Ethereum price downward trend pauses, short-term resistance is located in the $3180-3225 range

Bitget2024/05/17 13:02

The Ethereum (ETH) sell-off has paused at an uptrend line that traces the uptrend since October, CoinDesk reports. The current resistance is located in the range of $3180-3225. According to TradingView’s chart, the bears were unable to break above this bullish trendline, suggesting they may need to back off a bit and allow prices to rebound before attempting to continue lower. The native token of the Ethereum blockchain has fallen more than 15% to $3,000 over the past two months from highs near $4,100. Meanwhile, the CoinDesk 20 Index (CD20), a measure of the broader crypto market, fell 17% over the same period. The daily MACD histogram has turned positive, indicating that bullish momentum is building again. MACD is widely used to measure the strength and change of trends. Intraday momentum is steadily improving, with the widely tracked 50 hour simple moving average (SMA) heading north again, providing reassurance. Resistance is currently located near the 50-day SMA at $3,180, followed by the descending trendline representing the recent correction, currently at $3,225. Ethereum’s rising trendline from the October lows remains intact. If prices fall below this uptrend line, it would mean that the broader uptrend has ended, opening the door for a larger sell-off.

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