ETH Price Plummets by 10%
Despite attempts to recover, Ethereum’s price has declined significantly below the $2,650 mark. Similar to Bitcoin, ETH has fallen below crucial support levels such as $2,550 and $2,500, even dropping below $2,400.
After hitting a low of $2,394, the price is currently consolidating losses. Although there was a minor uptick above $2,420 and $2,440, Ethereum is struggling to regain momentum. The price approached the 23.6% Fib retracement level but failed to sustain an upward trend.
Currently, Ethereum is trading under $2,550 and the 100-hourly Simple Moving Average, facing resistance around the $2,500 level. A crucial bearish trend line has formed with resistance at $2,575 on the hourly ETH/USD chart, suggesting a challenging path ahead for ETH’s price recovery.
- The first significant resistance is seen at $2,550.
- Another obstacle is the key bearish trend line at $2,575.
- A breakthrough above $2,550 could propel Ether towards $2,600 or even higher.
Potential Further Declines for ETH?
If Ethereum struggles to surpass the $2,500 hurdle, it might face further downward pressure. Initial support is anticipated around $2,420, with a major support level at $2,400. A breach below $2,400 could lead to a drop towards $2,350, potentially attracting bullish interest at this level. Further losses could drive the price towards the $2,220 support level, with a subsequent critical support at $2,150.
Technical Indicators for Ethereum
- Hourly MACD – The MACD for ETH/USD is exhibiting bearish momentum.
- Hourly RSI – The RSI for ETH/USD has dipped below the 50 threshold.
- Major Support Level – $2,400
- Major Resistance Level – $2,550
Insights and Analysis on ETH’s Price Movement
Despite Ethereum’s recent drop in price, indicators suggest further bearish sentiment in the market. Failure to break above key resistance levels could see ETH’s price continue to struggle, potentially leading to more losses in the near term. Traders and investors are advised to monitor Ethereum’s price action closely and consider these factors in their decision-making process.
Stay informed about the latest developments in the cryptocurrency market to make well-informed decisions regarding your investment strategies.
Hot Take: Stay Cautious in Ether Trading
As Ethereum faces significant resistance levels and downward pressure, it is crucial to approach trading with caution. Monitor key support and resistance levels closely to gauge potential price movements. Stay updated on market news and developments to make informed decisions in your Ether trading activities.
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