As a seasoned crypto investor with over a decade of experience navigating the digital asset market, I can’t help but feel a sense of deja vu when I see Ethereum (ETH) trading below the $2,400 level yet again. It feels like we’ve been here before, and if history is any guide, we might just be in for another rollercoaster ride.
The cost of Ethereum continued to drop below the $2,450 mark, now it’s stabilizing and could find it tough to rebound above $2,425.
- Ethereum declined further and traded below the $2,400 zone.
The price is trading below $2,420 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2,425 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,350 support to start a fresh increase in the near term.
Ethereum Price Holds Support
The cost of Ethereum stayed within a downward trend and continued to fall below the $2,550 mark, mirroring Bitcoin‘s decline. Moreover, ETH dipped below the $2,450 support level, signifying a bearish phase, and even dropped beneath the $2,400 mark.
Currently, the price is holding steady following a dip that started around $2,352, with some slight recovery above $2,365. However, it remains beneath the 23.6% Fibonacci retracement level derived from the price drop between the peak at $2,655 and the trough at $2,352.
Currently, Ethereum’s trading value is less than $2420 and falls below its 100-hour moving average. On the positive side, there appear to be obstacles for the price around the $2420 mark. Additionally, a bearish trend line is forming with resistance at $2425 on the hourly Ethereum-to-USD chart, suggesting potential resistance ahead.
Approaching resistance can be found around the $2,500 mark or at the 50% Fibonacci retracement point of the decline from the peak of $2,655 to the trough of $2,352. The subsequent significant resistance lies close to $2,535.
If Ether manages to push past the $2,535 barrier, it might indicate further growth in upcoming trading periods. In this scenario, Ether could potentially advance towards the resistance zone of around $2,650 in the near future. The next challenge lies roughly at the $2,680 mark or $2,665 level.
More Losses In ETH?
Should Ethereum not manage to surpass the $2,420 barrier, there’s a possibility it might keep falling. A potential initial floor can be found around $2,350. The primary support lies approximately in the vicinity of $2,320.
If the price falls significantly below $2,320, it could potentially drop to around $2,250. Further declines might cause it to head towards the nearby support at $2,150. The significant support level lies at $2,120 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 – $2,350
Major Resistance Level – $2,420
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2024-10-03 06:40