Ethereum Price Dips Again: Will Bulls Step In to Protect the Trend?

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As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen more than a few rollercoaster rides, and Ethereum’s price action is no exception. The recent surge above $2,650 was promising, but the bears managed to claw back some ground, pushing ETH below key support levels and technical indicators.

The Ethereum price found it difficult to climb further past the $2,750 barrier. As a result, Ethereum began a decline and fell below the $2,680 support level.

  • Ethereum started a downside correction below the $2,680 support.
  • The price is trading below $2,650 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Trims Gains

The cost of Ethereum held steady above the $2,620 mark, similar to Bitcoin. Furthermore, Ethereum’s value surpassed the resistance at $2,650, propelling it even higher, maintaining a favorable position.

Nevertheless, the bears maintained their presence around the $2,765 mark. A peak was reached at this level, and the price began to decline. The trendline that suggested a bullish outlook was breached below $2,680 on the hourly chart of ETH/USD, signaling a possible downward movement.

As a crypto investor, I noticed that the pair dropped below the $2,650 mark, reaching a new low at $2,626. Currently, the price seems to be stabilizing around the 23.6% Fibonacci retracement level of the recent downward trend from the $2,757 peak to the $2,626 trough.

Currently, Ethereum’s trading price hovers below $2,680 and also dips below its 100-hour Simple Moving Average. If it aims to rise, it seems there are obstacles at around $2,665. The primary barrier to further growth lies near the $2,700 mark, which is close to the halfway point of the retracement from the peak of $2,757 to the trough of $2,626.

If Ether manages to break through the current resistance at $2,700, it might push upward towards the next resistance at around $2,780 in the immediate future. Overcoming the resistance at $2,780 could lead to further gains, potentially taking it to the next levels of resistance around $2,840 or even $2,880 in the following sessions.

More Downsides In ETH?

Should Ethereum struggle to surpass the $2,680 barrier, it might trigger a new drop. A potential floor could form around $2,625 initially, with significant support found roughly at the $2,600 region.

If the price falls significantly below the $2,600 resistance point, it could potentially drop to around $2,550. Further declines might even push it towards the near-term support of $2,500. The significant support level lies at approximately $2,440 in the coming period.

Technical Indicators

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

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

Major Support Level – $2,600

Major Resistance Level – $2,680

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2024-10-22 07:39