As a seasoned analyst with a knack for deciphering market trends and a soft spot for Ethereum, let me share my insights:
The price of Ethereum is currently pulling back from its previous resistance at $2,820. However, if it doesn’t close below the support level at $2,645, we might see another rise in ETH‘s value.
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Ethereum is correcting gains below the $2,780 and $2,750 levels.
The price is trading below $2,720 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $2,740 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could find bids near the $2,650 and $2,645 levels.
Ethereum Price Starts Downside Correction
The cost of Ethereum surpassed the barrier of $2,750, continuing its upward trend. It even reached beyond $2,800, but then the sellers entered the market. A peak was established at $2,820 before a decline similar to Bitcoin began.
The price for ETH/USD dropped below the $2,780 mark, falling beneath the 50% Fibonacci retracement line from the $2,535 low to the $2,820 high. Additionally, it broke a significant bullish trendline that offered support at $2,740 on the hourly chart, suggesting a potential shift in the trend.
Currently, Ethereum’s price is falling below the $2,740 mark and its 100-hour Simple Moving Average, but the bullish sentiment remains strong near the $2,645 support level. This level is also close to the 61.8% Fibonacci retracement level of the upward price movement that began at the $2,535 low and peaked at $2,820.
As a researcher observing the Ether market, if we witness another upward trend, I predict potential obstacles may arise around the $2,720 mark. The first notable resistance lies at approximately $2,740. Should the price manage to surpass this level, it could push Ether towards the $2,820 resistance. A significant resistance can be found near $2,880. If we observe a bullish breakthrough above this barrier, it may propel the price further towards the $3,000 resistance area in the short term.
More Downsides In ETH?
As a researcher, if Ethereum struggles to surpass the $2,740 resistance level, there’s a potential for it to trend lower. A preliminary support could be found around $2,645. The first substantial support lies in the vicinity of the $2,600 zone.
If the price dips below the $2,600 resistance, it could potentially slide down to around $2,550. At this point, buyers might start appearing again. However, further losses could lead the price towards the immediate support level of $2,500 in the short term. The significant support lies at $2,440.
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 – $2,645
Major Resistance Level – $2,740
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2024-08-27 07:34