As a seasoned crypto investor who has weathered multiple market cycles, I must admit that the recent performance of Ethereum has been a rollercoaster ride. After a promising surge above the $2,700 resistance, it seems ETH is once again consolidating near $2,635, hinting at potential downsides.
The cost of Ethereum found it difficult to surpass the $2,750 barrier, instead it’s currently holding steady around $2,635. However, this positioning could potentially lead to further decreases.
- Ethereum started a fresh decline from the $2,750 resistance.
The price is trading below $2,700 and the 100-hourly Simple Moving Average.
There was a break below a key contracting triangle with support at $2,695 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if it drops below the $2,635 support zone.
Ethereum Price Slides Again
The cost of Ethereum began a notable rise after finding support at around $2,650. Notably, Ethereum exceeded Bitcoin‘s performance and broke through the resistance at $2,720. Yet, sellers showed strength close to the $2,750 level.
More recently, the peak price was reached at $2,763, after which a downward correction occurred. The price then dropped below both $2,720 and $2,700 levels. Additionally, there was a break below a significant contracting triangle with support at $2,695 on the hourly Ethereum/USD chart.
As a crypto investor, I’m currently observing that Ethereum’s price has dipped below $2,700 and is also sitting below its 100-hour Simple Moving Average. A temporary low was established around $2,635, and now it seems like the price is stabilizing in a consolidation phase. If we see another uptrend, the price may encounter obstacles near the $2,700 mark, as it’s close to the 50% Fibonacci retracement level of the recent decline from the $2,763 peak to the $2,635 trough.
Approaching the $2,735 mark or the 76.4% Fibonacci retracement point from the price range between the $2,763 peak and the $2,635 trough, could encounter a significant barrier. If the closing price surpasses $2,735, it might trigger Ether’s movement towards the $2,765 resistance level.
In simpler terms, if the price manages to surpass the current barrier around $2,800, it could potentially rise further towards approximately $2,880 in the short term, as this area presents another potential resistance level.
More Losses In ETH?
If Ethereum doesn’t manage to surpass the $2,700 barrier, there’s a possibility it might keep falling. A potential floor for its descent can be found around $2,635. The primary support level lies approximately within the $2,600 range.
Dropping below the $2,600 resistance could potentially drive the price down to around $2,550. If further declines occur, we might see the price testing the nearby support at $2,520. The crucial lower support lies at approximately $2,440 in the short term.
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 – $2,635
Major Resistance Level – $2,700
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2024-08-15 06:42