As a seasoned analyst with years of experience in the crypto market, I can confidently say that Ethereum’s price dip below $2,550 is a common occurrence in this volatile market. However, it’s important to remember that every downturn is an opportunity for a comeback.
The Ethereum price has resumed its drop after hitting a resistance at around $2,720. Now, Ethereum has fallen below $2,550 and could find it challenging to initiate a new rise in the near future.
- Ethereum started a fresh decline from the $2,720 resistance zone.
- The price is trading below $2,550 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if it fails to stay above the $2,450 support zone.
Ethereum Price Dives Below $2,550
The price of Ethereum found it challenging to remain above $2,650 and, in a manner similar to Bitcoin, began a new drop. As a result, Ethereum plunged significantly below both the $2,620 and $2,600 thresholds.
On the hourly chart for ETH/USD, there was a drop beneath a significant bullish trend line that had previously offered support at $2,560. This decline continued past the 50% Fibonacci retracement level of the upward movement from the $2,488 low to the $2,719 peak, and even pushed the price below $2,550 – a level that bears had been pushing for.
As a researcher examining the Ethereum market dynamics, I’ve noticed that its current trading price is dipping below the $2,550 mark and the 100-hourly Simple Moving Average. This downward trend is bringing us closer to the potential support zone at approximately $2,460 and also approaching the 61.8% Fibonacci retracement level of the upward wave stretching from the $2,488 swing low to the $2,719 high.
Looking on the positive side, it appears that the price may encounter obstacles around the $2,550 mark. The initial significant resistance lies at approximately $2,580. However, the main barrier is developing closer to $2,610. If there’s a clear break above this $2,610 hurdle, it could potentially push the price towards the next resistance at $2,650.
If Ether manages to push past its current resistance at around $2,650, it could potentially lead to further increases in the following trading periods, possibly reaching the $2,720 resistance area.
More Downsides In ETH?
As a researcher examining Ethereum’s price action, if it struggles to breach the $2,550 resistance, there’s a possibility it may trend lower. A initial cushion on the decline can be found around the $2,480 mark. The significant support lies in the vicinity of the $2,450 area.
If the price drops significantly below the $2,450 resistance point, it could potentially slide down to around $2,380. Further declines may even push it towards the nearby $2,320 support. The significant support level that follows is at approximately $2,250.
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 – $2,450
Major Resistance Level – $2,550
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2024-11-01 07:53