As a researcher with extensive experience in cryptocurrency markets, I have closely observed the recent decline in Ethereum’s price. The latest bearish trend has pushed ETH below the crucial support level of $2,920, and it is now trading below both the 100-hourly Simple Moving Average and the $3,000 mark.
As a researcher observing the Ethereum market, I’ve noticed that the price has begun to slide once again and dipped below the $2,920 mark. If Ethereum manages to close below the critical support level of $2,800, it could potentially trigger further bearish trends in its price movement.
- Ethereum remained in a bearish zone and traded below the $2,900 zone.
The price is trading below $2,950 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3,050 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it stays below the $3,050 resistance.
Ethereum Price Extends Losses
The price of Ethereum stayed in a bearish trend, just like Bitcoin, and didn’t go above the $3,120 mark. In fact, Ethereum traded under $3,000, and the bears managed to push it below the $2,920 threshold.
At a price of $2,813, a new low was established, following which the market has been consolidating. There was a brief uptick above the $2,900 threshold. The price approached the 23.6% Fibonacci retracement level derived from the price swing between the high of $3,355 and the low of $2,813. However, bearish forces emerged near the resistance levels at $2,950 and $2,965.
Currently, Ethereum’s price hovers around the $3,000 mark and under its 100-hour moving average. The immediate obstacle for growth is located at the $2,965 threshold. A significant resistance lies ahead at the $3,050 level and the same moving average.
On the hourly chart of Ethereum (ETH) against the US Dollar (USD), a bearish trend line is emerging with resistance at around $3,050. This trend line is not far from the 50% Fibonacci retracement level of the decline from the peak at $3,355 to the trough at $2,813.
The price of Ethereum may face its next significant hurdle at $3,085. If this level is breached, Ethereum could potentially pick up momentum and advance towards $3,150. A successful break above $3,150 might lead to further gains, pushing Ethereum towards the resistance at $3,250. Clearing this barrier could take Ethereum as high as $3,350. Beyond that, any additional gains could propel Ethereum towards the resistance area of $3,500.
More Downsides In ETH?
Should Ethereum be unable to surpass the $3,050 barrier, there’s a possibility it may head lower. A initial floor can be found around $2,850. Notably, significant support lies in the vicinity of $2,820.
As an analyst, I’d interpret the current market situation as follows: I identify the primary support zone around the $2,820 mark. A significant downward shift below this level could potentially lead us to test the next support at $2,650. Any further declines might result in a near-term slide towards the $2,540 price point.
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 level.
Major Support Level – $2,820
Major Resistance Level – $3,050
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2024-05-02 07:34