As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs. Today, Ethereum (ETH) is showing signs of a potential drop, currently trading below $2,350. The selling pressure seems to be increasing, and if we don’t see a recovery above the $2,320 resistance soon, we might see ETH testing the $2,120 support level.
The cost of Ethereum has dipped more than 5%, now hovering beneath $2,350. This trend suggests a rise in the volume of sellers, potentially causing it to fall further to around $2,120.
- Ethereum started another decline after it failed to clear $2,450.
The price is trading below $2,320 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $2,320 resistance to start a recovery wave in the near term.
Ethereum Price Dips Again
As a crypto investor, I’ve noticed that the Ethereum price didn’t manage to surpass the $2,450 barrier, instead, it dipped again, much like Bitcoin did. Unfortunately, Ether declined more significantly than Bitcoin and shattered critical supports at $2,400.
On the hourly Ethereum-to-U.S. dollar (ETH/USD) chart, we witnessed a drop beneath a significant bullish trendline that previously held at approximately $2,400. The pair has fallen more than 5%, and it has also moved below the support level of $2,320. A new low was established at $2,253, and currently, the price is stabilizing as it recovers from these losses.
As an analyst, I’m observing that the current Ethereum trading price has dipped below the $2,320 mark and also sits beneath the 100-hour Simple Moving Average. On the positive front, it appears there are obstacles ahead for the price around the $2,300 threshold, or at the 23.6% Fibonacci retracement level of the downward trajectory extending from the $2,465 peak to the $2,253 trough.
The first major resistance is near the $2,320 level. A close above the $2,320 level might send Ether toward the $2,360 resistance. The next key resistance is near $2,385 or the 61.8% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. An upside break above the $2,385 resistance might call for more gains toward the $2,450 resistance zone in the near term.
More Downsides In ETH?
Should Ethereum not manage to surpass the $2,320 barrier, there’s a possibility of a short-term downtrend. A initial floor might be found around $2,250. The primary support level can be expected in the vicinity of the $2,200 area.
Moving below the $2,200 mark could potentially drive the price down to around $2,150. If the trend continues, it may even reach the nearby $2,120 support level. The significant support lies at approximately $2,050 in the immediate future.
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 – $2,250
Major Resistance Level – $2,320
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2024-09-16 06:58