Ah, the tale of Ethereum, a noble warrior that dared to challenge the mighty $2,120 fortress, only to find itself retreating in dismay. Now, it languishes beneath the shadow of $2,000, like a lost soul wandering in a desolate wasteland.
- Our brave Ethereum has embarked on a fresh descent, tumbling below the sacred support of $2,000.
- It now finds itself trading in the gloomy depths beneath $2,000 and the 100-hourly Simple Moving Average, a true tragedy!
- Behold! A short-term declining channel emerges, with resistance lurking at $1,880, like a villain in a dark alley, waiting to pounce on the unsuspecting.
- To rise again, the pair must conquer the formidable $1,880 and $1,950 barriers, akin to a hero slaying dragons to reclaim its glory.
Ethereum’s Price Takes a Nosedive
Ethereum, in its quest for greatness, has plummeted from the lofty heights of $2,120, joining the ranks of Bitcoin in this tragic saga. It has now entered the bearish abyss below the $2,000 threshold.
The bears, those relentless creatures, have gained strength, pushing Ethereum beneath the $1,880 support. Yet, lo and behold, the bulls have made a valiant appearance near the $1,750 realm. A low was etched at $1,753, and now, like a phoenix, it attempts to rise from the ashes. It has managed to breach the $1,800 and $1,820 barriers, but will it last?
Ethereum has cleared the 23.6% Fib retracement level of its downward spiral from the $2,152 peak to the $1,753 pit. Alas, it still dwells below $2,000 and the 100-hourly Simple Moving Average, a true sign of its plight.
On the brighter side, the price faces hurdles near the $1,880 level, a formidable foe indeed. The short-term declining channel continues to loom ominously, with resistance at $1,880 on the hourly chart of ETH/USD. The next key resistance, like a distant mirage, is at $1,950.
The 50% Fib retracement level of the downward plunge from the $2,152 high to the $1,753 low also hovers near the $1,950 threshold. The first major resistance, a daunting challenge, lies at $2,000. Should it triumph over this barrier, it may very well soar towards the $2,120 stronghold.
Should Ethereum break free from the $2,120 chains, it might just summon the strength for further gains in the coming days. In such a case, Ether could ascend towards the $2,250 or even the $2,350 heights, a true spectacle to behold!
Will Ethereum Face Another Plunge?
If Ethereum falters in its attempt to breach the $1,880 resistance, it may spiral into yet another decline. The initial support on this treacherous journey lies near the $1,800 mark. The first major support, a beacon of hope, rests at the $1,750 zone.
A clear descent below the $1,750 sanctuary might send the price tumbling towards the $1,680 abyss. Should further losses ensue, the price could plummet to the $1,620 depths in the near future. The next key support, a last bastion, stands at $1,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing its grip in the bearish realm, a sign of despair.
Hourly RSI – The RSI for ETH/USD now languishes below the 50 threshold, a true reflection of its sorrow.
Major Support Level – $1,750
Major Resistance Level – $1,880
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2025-03-11 07:46