As a seasoned researcher with years of experience in cryptocurrency markets, I must say that the current Ethereum price action presents a mixed picture. While it’s always exciting to see Ether attempting to break above key resistance levels, the repeated failure to sustain such gains is concerning.
The Ethereum price has begun to retreat after hitting a resistance at around $2,680. At present, Ethereum is decreasing, and it could potentially fall further if it cannot maintain its position above the $2,550 level.
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Ethereum started a fresh decline below the $2,650 level.
The price is trading below $2,680 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend losses if it drops below the $2,550 support zone.
Ethereum Price Shows Signs of Weakness
The price of Ethereum made an effort to accelerate beyond the $2,680 mark, but it couldn’t sustain this momentum and instead dropped, much like Bitcoin did, falling below the $2,650 level.
The value dropped below the 23.6% Fibonacci retracement point of the upward trend that started at the $2,514 low and peaked at $2,682. It also dipped beneath the 100-hour Simple Moving Average. Yet, the buyers appear to be gaining momentum around the $2,620 mark.
Currently, the value of Ethereum is being transacted beneath $2,650 and the 100-hour moving average. Additionally, there’s a significant uptrend line shaping up at $2,610 on the hourly Ethereum-to-USD chart, suggesting potential support.
If there’s another rise, Ether’s price could encounter obstacles around $2,650. The initial significant resistance is found at approximately $2,680. If we see a close above $2,680, Ether might aim for the next resistance at $2,720. Beyond this, a break through $2,720 could potentially propel the price upward towards the $2,880 resistance area in the short term.
More Losses In ETH?
If Ethereum doesn’t manage to surpass the $2,680 barrier, it might keep on falling. The initial support can be found around $2,620. The first substantial support lies in the vicinity of the $2,600 area or the 50% Fibonacci retracement level of the upward trend from the $2,514 low point to the $2,682 high point.
A drop below the $2,600 resistance point could potentially drive the price down to around $2,550, where buyers might reappear. If the trend continues, the price may fall further towards the current short-term support at $2,500. The significant support level that follows is located at approximately $2,440.
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 – $2,600
Major Resistance Level – $2,680
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2024-08-19 10:16