As a researcher with experience in cryptocurrency markets, I’ve been closely monitoring Ethereum (ETH) price movements. Based on the latest trends and technical analysis, it appears that Ethereum remains at risk of more downsides. The price has failed to recover above key resistance levels and has instead declined below $3,000 and the 100-hourly Simple Moving Average.
Ethereum‘s price continued to trend downwards, staying below the $3,150 mark. The cryptocurrency is now on a downward trajectory, with the possibility of reaching a new low at around $2,800 if bears maintain control.
- Ethereum started a fresh decline below the $3,000 and $2,950 levels.
The price is trading below $3,000 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $2,950 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct losses, but upsides might be limited above the $3,000 zone.
Ethereum Price Remains At Risk of More Downsides
The price of Ethereum fell short of initiating a rebound above the $3,080 and $3,120 resistance points, similar to Bitcoin‘s trend. Ethereum followed suit with another downward movement, dropping below the $3,000 support zone and even breaching the $2,950 and $2,920 support levels.
The cost dropped by 6%, reaching as low as $2,820 before finding support. A new low was established at $2,825. Currently, the price is stabilizing after this decline. However, there are several indicators pointing to a bearish trend, including the testing of the 23.6% Fibonacci retracement level, which comes in around $2,820 – the same level where the price found support earlier.
Ethereum currently trades under the $3,000 mark and below its 100-hour Simple Moving Average. Should Ethereum experience a price rise, it could encounter obstacles around $2,920. The first notable resistance lies at $2,950.
On the hourly chart of ETH/USD, there’s another bearish trendline emerging with resistance around $2,950. This trendline is not far off from the 50% Fibonacci retracement level of the price drop from $3,077 peak to $2,825 low.
As an analyst, I’ve identified that the Ether price is approaching a significant resistance point around the $3,000 mark. Clearing this hurdle could potentially propel the price upward, reaching towards the next resistance at $3,080. Beyond this level, the next major resistance lies at approximately $3,120. Breaking above this barrier might trigger further gains, possibly pushing the price toward the $3,250 resistance zone.
More Losses In ETH?
As a researcher studying the Ethereum market, I’ve identified key levels that could impact its price movement. If Ethereum is unable to break through the resistance at $2,950, it might continue to decline. The initial support for Ethereum lies around $2,820. However, a more significant level of support can be found in the $2,800 region.
If the price drops significantly below the $2,800 support, it could potentially lead to a decline towards $2,720. Further losses may cause the price to head towards the nearby support at $2,650.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,820
Major Resistance Level – $2,950
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2024-07-08 12:52