As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and understand that these periods of volatility are part of the game. The recent decline in Ethereum’s price, trading below $2,550, is a reminder of the market’s inherent unpredictability.
The cost of Ethereum dropped significantly, falling below the $2,550 mark. If Ethereum manages to hold its ground above the $2,400 support level, it may initiate another price rise.
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Ethereum started a major decline below the $2,650 and $2,550 levels.
The price is trading below $2,550 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,575 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a recovery wave if it stays above the $2,400 level.
Ethereum Price Dives 10%
The cost of Ethereum did not bounce back and instead continued to drop below the $2,650 mark. Similar to Bitcoin, Ethereum’s value fell below the $2,550 and $2,500 support points. In fact, it dipped even lower than the $2,400 level.
At $2,394 a bottom was reached, and prices are currently holding steady as they recover from losses. There was a small surge above the $2,420 and $2,440 price points. The trading activity came close to the 23.6% Fibonacci retracement level of the downward trend that started at the $2,820 peak and bottomed out at $2,394.
Currently, Ethereum’s price is trading under $2,550 and lower than its 100-hour moving average. If there’s a surge in prices (recovery wave), Ethereum might encounter resistance around the $2,500 mark.
Approaching the $2,550 mark is where we encounter a significant obstacle for Ether’s price increase. Additionally, a notable bearish trendline is emerging on the hourly chart of ETH/USD, with resistance at approximately $2,575. If the closing price exceeds the $2,550 level, it could potentially push Ether upwards towards the $2,600 resistance or the 50% Fibonacci retracement point of the downward trend from the $2,820 peak to the $2,394 trough.
The next key resistance is near $2,660. An upside break above the $2,660 resistance might send the price higher toward the $2,880 resistance zone in the near term.
More Downsides In ETH?
If Ethereum doesn’t manage to break through the $2,500 barrier, there’s a possibility it may keep falling. A potential initial floor can be found around $2,420. The primary significant support level lies in the vicinity of the $2,400 region.
As an analyst, I foresee a potential drop in price below the $2,400 mark, which could propel it towards the $2,350 region where we might see bullish activity resurface. Should further losses occur, expect the price to trend towards the immediate support level at $2,220. The next significant support lies at $2,150.
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 – $2,400
Major Resistance Level – $2,550
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2024-08-28 07:34