The Price of Ethereum (ETH) Falls Below Support Level
The price of Ethereum (ETH) has experienced a decline after failing to sustain its positive trend above the $2,400 level. The altcoin was rejected twice at its recent high and broke below the 21-day SMA support. As a result, ETH has fallen to a low of $2,166.80 and may continue to decline towards the 50-day SMA or $2,094. If the bears break the moving average lines, the cryptocurrency could fall even further to the 2.618 Fibonacci extension level at $1,714.80.
Analysis of Ethereum Indicator
Ethereum’s price is currently bearish as it approaches the middle of the price range. After breaking below the 21-day SMA support, the altcoin is now approaching the 50-day SMA. Despite the decline, the upward sloping moving average lines still point north.
Technical Indicators
Key resistance levels for ETH are $2,000 and $2,200, while key support levels are $1,800 and $1,600.
What’s Next for Ethereum?
On the 4-hour chart, Ether is falling below the moving average lines. Since ending its uptrend on December 8th, Ethereum has entered a horizontal trend between $2,145 and $2,400. Today, it is expected that the altcoin will continue to fall as bears retest the lower price area.
Hot Take: Ethereum Faces Bearish Pressure as Support Breaks
The price of Ethereum has fallen below key support levels after being rejected at its recent high. This decline indicates a bearish trend for ETH in the short term. If bears continue to break through the moving average lines, Ethereum could experience further losses. Traders and investors should closely monitor the price movements and be prepared for potential downside risks. However, it is important to note that cryptocurrency markets are highly volatile and can change rapidly, so it’s crucial to stay updated with the latest market developments.
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