As an analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. Looking at Ethereum’s current price action, it appears we’re witnessing another dip below the $2,550 support level. The hourly chart suggests ETH could dive toward the $2,250 support zone before the bulls emerge.
The Ethereum price has once again dropped, breaking through the $2,550 support level. It’s possible that Ethereum may fall further to the $2,250 support area before any potential uptrend begins.
- Ethereum started a fresh decline below the $2,550 level.
The price is trading below $2,500 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above $2,400 to start another increase in the near term.
Ethereum Price Extends Losses
The value of Ethereum struggled to maintain its position above the $2,620 resistance point and subsequently experienced further declines. Similarly to Bitcoin, Ethereum’s price dipped below the $2,550 and $2,500 support levels and even approached the $2,400 level as a potential floor.
Currently, the price is trying to bounce back after a trough formed around $2,401. It has already risen above the $2,420 mark. At present, it’s evaluating the 23.6% Fibonacci retracement level from the price high at $2,596 to the low at $2,401.
Currently, the price of Ethereum is lower than $2,500 and it’s also below its 100-hour Simple Moving Average. Additionally, a bearish trend line is forming, linking up points, with resistance at around $2,500 on the hourly Ethereum to US Dollar (ETH/USD) chart.
On a positive note, it appears that the price might be encountering obstacles around the $2,500 mark, near the 100-hour Simple Moving Average and also close to the 50% Fibonacci retracement level of the downward trend from the $2,596 peak to the $2,401 trough.
Initially, a significant barrier lies around $2,550. Crossing above this level could push Ether towards the resistance at $2,620. Further up, a crucial resistance can be found at approximately $2,660. Overcoming this resistance at $2,660 might propel the price further upward, potentially targeting the $2,800 resistance area in the short term.
More Downsides In ETH?
Should Ethereum not surpass the $2,500 barrier, there’s a possibility of another drop. A potential floor for this decline might be around $2,420. The primary significant support level lies roughly in the $2,400 region.
Dropping below the $2,400 resistance could potentially drive the price down to around $2,320, where buyers may reappear. Further declines might take the price towards the immediate support of $2,250. The crucial support lies at $2,110 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 – $2,400
Major Resistance Level – $2,500
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2024-09-02 07:16