Ethereum Price Nosedives
Ethereum is currently experiencing a bearish trend, falling below key resistance levels and the 100-hourly Simple Moving Average. Here are the key points:
- Ethereum’s price broke the $1,800 support zone and started a major decline.
- The bears pushed the price below the $1,600 level and it tested the $1,520 zone.
- Currently, the price is attempting a recovery wave and trading above the 50% Fib retracement level.
- However, Ethereum is still trading below $1,750 and there is a key bearish trend line forming with resistance near $1,750.
- If the price fails to clear the $1,750 resistance, it could continue to decline with initial support near $1,620.
A close above $1,750 could lead to a decent increase in the near term, with the next major resistance near $1,800. On the other hand, a failure to protect the $1,550 support could result in further losses, potentially reaching the $1,500 level.
Hot Take
Ethereum’s current bearish trend and inability to break key resistance levels is a cause for concern among crypto investors. The price is facing significant hurdles and a failure to overcome them could lead to further declines. However, if Ethereum manages to surpass the $1,750 resistance, it may see a positive turnaround. Overall, it’s important to closely monitor the price movements and key support and resistance levels to make informed investment decisions.
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