As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have closely monitored Ethereum’s price movements and can provide an informed opinion based on the latest trends.
The Ethereum price has taken a significant drop from the $3,500 mark where it faced resistance. This cryptocurrency has fallen by more than 8%, and there’s a strong possibility that it could head further south towards the $3,120 support level.
- Ethereum is gaining bearish pace from the $3,500 resistance zone.
The price is trading below $3,400 and the 100-hourly Simple Moving Average.
There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down toward the $3,120 support zone.
Ethereum Price Dives Below $3,350
The price of Ethereum was unable to break through the $3,500 barrier for growth. Instead, Ethereum took a turn for the worse and dropped beneath the $3,400 support level. Compared to Bitcoin‘s decline, Ethereum experienced a drop of over 8% more.
On the hourly chart of Ethereum-USD (ETH/USD), a significant drop occurred beneath a notable downward trendline, which provided support at $3,380. The pair subsequently dipped below the $3,200 mark and touched $3,180. A new low was established around $3,183, and the price indicators suggest further potential declines.
As a seasoned trader with years of experience in the cryptocurrency market, I can tell you that Ethereum’s current price dip below $3,400 and the 100-hourly Simple Moving Average is not an unfamiliar sight. However, it’s important to note that market trends can be unpredictable, and a recovery wave could potentially surface.
The first major resistance is near the $3,300 level. The next major hurdle is near the $3,350 level and the 50% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low. A close above the $3,350 level might send Ether toward the $3,380 resistance.
If we move forward, the significant barrier for the price lies around $3,425. Overcoming this hurdle could potentially lead to a surge in value, taking us closer to the $3,500 resistance area.
More Losses In ETH?
Should Ethereum be unable to surpass the $3,250 barrier, it may instead head lower. The initial floor for Ethereum’s price lies around $3,180. Notably, a more significant support level can be found in the vicinity of $3,120.
If the price falls significantly below the $3,150 mark of support, it could potentially lead to a drop towards $3,080. Further losses might cause the price to head towards the nearby support level at $3,020. The significant support lies at $2,950 in the short term.
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 – $3,150
Major Resistance Level – $3,250
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2024-07-25 06:04