Ethereum Price Grinds Lower: Will Support Kick In Soon?

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Ethereum‘s value continued to fall and dipped beneath the $2,500 support level. Currently, Ethereum appears to be holding steady but may find it difficult to surpass the $2,500 barrier as resistance.

  • Ethereum started a fresh decline from the $2,550 resistance zone.
  • The price is trading below $2,480 and the 100-hourly Simple Moving Average.
  • There is a new connecting bearish trend line forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a recovery wave if it surpasses the $2,445 and $2,500 resistance levels.

Ethereum Price Extends Losses

The price of Ethereum had trouble holding above $2,500 and subsequently dropped in value, similar to Bitcoin. This drop caused Ethereum’s value to fall below both the $2,450 and $2,420 thresholds.

The price dipped towards the support area of $2,350 before forming a low at $2,357. Currently, it’s trying to bounce back. There was an upward push beyond the resistance level of $2,385. Additionally, the price touched the 23.6% Fibonacci retracement level stemming from the high at $2,583 to the low at $2,357 during its downward move.

Currently, the Ethereum price is hovering below the $2,500 mark and the 100-hour moving average. Moreover, a fresh downward trendline is being established, with resistance at approximately $2,445, as depicted on the hourly ETH/USD chart. This suggests a bearish trend developing in Ethereum’s price movement.

From a positive perspective, it appears that the price may encounter obstacles around the $2,445 mark, including the trend line. The initial significant resistance could be found near the $2,470 level or at the 50% Fibonacci retracement point of the downward movement from the $2,583 peak to the $2,357 trough.

As a researcher, I’m currently observing a significant resistance forming around the $2,500 mark. If we manage to break through this resistance, it could potentially propel the price towards another resistance at $2,550. A successful breach above this level might indicate further gains in upcoming sessions, possibly taking Ether up to the $2,620 resistance zone.

Another Decline In ETH?

Should Ethereum be unable to surpass the $2,445 barrier, a potential drop may ensue. A possible initial floor could be found around $2,380. The primary significant support lies in the vicinity of $2,350.

If the price falls significantly below $2,350, it could potentially drop to around $2,285. Further declines may lead towards the nearby $2,220 support. A crucial additional support can be found at $2,150.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,360

Major Resistance Level – $2,500

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2024-11-05 06:40