As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Ethereum’s price action many times before. And based on the current chart analysis and trend indicators, it looks like ETH is in for more losses.
The cost of Ethereum is exhibiting a bearish trend and may dip further below $2,950. In the short term, Ethereum could head towards the $2,550 support level.
- Ethereum struggled to clear the $2,950 resistance and started a fresh decline.
The price is trading below $2,920 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bearish momentum if there is a move below the $2,850 support.
Ethereum Price Extends Losses
The price of Ethereum struggled to advance beyond the $2,950 barrier, similar to Bitcoin‘s experience. A peak was reached at $2,951, following which the value began to slide downward. There was a consistent drop below the $2,920 and $2,900 thresholds.
At a price of $2,864, a trough has emerged, and the value is currently stabilizing after incurring losses. The cost is hovering around the 23.6% Fibonacci retracement mark of the bearish trend that started from $2,951 peak to $2,864 low. Ethereum now trades under $2,950 and beneath its 100-hour SMA.
The opposition to further price increase is close to $2,900. The initial barrier to advance lies around $2,920 or at the 50% Fibonacci retracement point following the decline from $2,951 peak to $2,864 low.
An additional bearish trend line is emerging on the hourly chart of ETH/USD, with a resistance point at $2,910. The next significant resistance lies at $2,950 and the 100-hour Simple Moving Average. Overcoming these levels could help propel the price further upwards towards $3,020.
Should the price break above $3,020 with conviction, it’s likely that Ether will continue climbing and encounter resistance at around $3,150. Further advancements might push the price towards the $3,250 resistance area.
More Losses In ETH?
As an analyst, I would interpret the current market situation for Ethereum as follows: If Ethereum is unable to surpass the $2,920 resistance, we could witness another price drop. The initial support lies around the $2,865 mark. A more significant level of support can be found near the $2,840 area.
If we approach the $2,780 mark as the next level of support, a significant drop below this point could potentially lead the price down to $2,650. Further declines may even push the price towards the nearby $2,550 level.
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 – $2,865
Major Resistance Level – $2,920
Read More
Sorry. No data so far.
2024-05-13 09:04