As an experienced financial analyst, I’ve seen my fair share of market volatility and trend reversals. The recent decline in Ethereum price below the $3,000 support level is a concerning sign for investors.
Ethereum‘s price continued to trend downward, falling beneath the $3,250 mark. It even plunged below the $3,000 support level and approached the $2,850 region.
-
Ethereum started a fresh decline below the $3,120 and $3,000 levels.
The price is trading below $3,000 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct losses, but upsides might be limited above the $3,120 zone.
Ethereum Price Dives 8%
The price of Ethereum did not manage to rebound above the barriers of $3,150 and $3,200, instead continuing its downward trend similar to Bitcoin. Ethereum dipped below the support zones of $3,120 and $3,050, with further losses at $3,000.
As a researcher studying the financial markets, I’ve observed that the price has experienced a significant decrease, around 8%, and even dipped as low as $2,862 – testing the support level at $2,850. At present, the market is consolidating its losses. The current trend exhibits numerous bearish indicators, with trading occurring well beneath the 23.6% Fibonacci retracement level derived from the downward price movement that started at the $3,425 swing high and ended at the $2,860 low.
As an analyst, I’ve observed that Ethereum is currently trading under the $3,000 mark and below its 100-hour Simple Moving Average. Should a recovery wave emerge, the price may encounter resistance around the $2,960 region. The initial significant resistance lies at the $3,000 level.
Another significant bearish trend line is taking shape on the hourly chart of ETH/USD, with resistance around $3,000. The next considerable obstacle for the pair lies at approximately $3,120 or the 50% Fibonacci retracement level of the price decline from the peak of $3,425 to the trough of $2,860.
As a crypto investor, if Ether manages to close above the $3,120 mark, it could push the price upward towards the next significant resistance at $3,200. Should we breach this level, the next stop for Ether might be around the $3,250 resistance. Overcoming this hurdle could potentially propel the price further up to the $3,350 resistance area.
More Losses In ETH?
As a researcher studying the Ethereum market, if it fails to surpass the $3,000 resistance, there’s a strong possibility that its price may continue to decrease. A preliminary level of support lies around $2,850. The first significant support, however, can be found in the vicinity of the $2,800 zone.
If the price falls significantly below the $2,800 support, it could lead to a further decline towards $2,720. Continued losses may cause the price to head towards the nearby support at $2,650.
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 – $2,850
Major Resistance Level – $3,000
Read More
- STETH/CAD
- Who Is Returning on Days of Our Lives This Week?
- What is the next Prime Warframe?
- PlayStation State of Play announced for February 12, 2025
- Apple reveals more affordable iPhone 16e starting at $599
- Bromance Twitter Review: Is Arjun Ashokan, Mathew Thomas starrer comedy worth a watch? Read 11 tweets to find out
- When Will Captain America 4 Get Its Digital & Streaming Release Date?
- Where Was Sweet Magnolias Season 4 Filmed? All Locations Revealed
- Dhanush’s third directorial venture NEEK release date postponed due to Ajith Kumar’s Vidaamuyarchi
- How To Get, Equip And Use Sprays In COD Mobile
2024-07-05 06:40