Ah, Ethereum, that fickle friend of ours, has once again decided to take a nosedive, plunging below the $3,000 mark. With a staggering drop of over 25%, it seems the bears have taken the reins, frolicking below $2,770 like they own the place.
- Ethereum has embarked on a fresh descent, leaving the $3,000 support zone in its dust.
- Currently, it languishes below $2,800, far from the comforting embrace of the 100-hourly Simple Moving Average.
- A bearish trend line is forming, with resistance at $2,900, as if to mock our hopes of recovery.
- Should it manage to cling to the $2,200 level, perhaps a recovery wave might just be on the horizon. Or not. Who knows? 🤷♂️
Ethereum’s Price Takes a Dive
In a rather dramatic turn of events, Ethereum has slipped below the $3,000 threshold, trailing behind Bitcoin like a sad puppy. It has now entered a bearish zone, having dipped below both the $2,800 and $2,650 levels.
With a clear plunge beneath the $2,500 mark, Ethereum has tested the depths of despair at $2,120. A low was recorded at $2,127, and now it seems to be consolidating its losses, perhaps contemplating its life choices. A slight uptick above $2,300 has occurred, surpassing the 23.6% Fib retracement level from its previous high of $3,403 to its current low.
Trading below $2,800 and the 100-hourly Simple Moving Average, Ethereum faces hurdles at the $2,650 level. The first major resistance looms ominously at $2,770, while the main resistance is forming at $2,900. A move above this might just send it back towards the $3,000 mark, but let’s not hold our breath. 😅
Should it break above the $3,000 resistance, we might see Ether rise to the $3,150 zone, or even $3,250. But then again, this is Ethereum we’re talking about—anything can happen! 🎢
Is Another Drop Imminent?
If Ethereum cannot muster the strength to breach the $2,600 resistance, we may be in for another decline. Initial support is lurking around the $2,320 level, with the first major support at $2,250.
A decisive move below $2,250 could send it spiraling towards $2,120, and further losses might drag it down to the $2,000 support level. The next key support? A dismal $1,880. What a time to be alive! 😬
Technical Indicators:
Hourly MACD – Gaining momentum in the bearish zone, as if it enjoys the drama.
Hourly RSI – Now below the 50 zone, just like our hopes for a quick recovery.
Major Support Level – $2,200
Major Resistance Level – $2,600
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2025-02-03 06:42