Dear readers, the Ethereum, that charming digital currency, has found itself in a rather precarious position, much like a dandy at a masquerade ball without a mask. It has begun a fresh descent from the lofty heights of the $2,350 resistance zone. ETH, our dear friend, is now consolidating its losses and may, with a touch of dramatic flair, extend its losses toward the $2,000 support. Oh, the theatrics!
- Ethereum, the ever-so-elegant cryptocurrency, is now facing an increase in selling below the $2,350 zone. How tragic!
- The price is currently trading below $2,250 and the 100-hourly Simple Moving Average. How very beneath its usual standards!
- A key bearish trend line is forming with resistance at $2,260 on the hourly chart of ETH/USD (data feed via Kraken). One might say it’s a bearish ballad.
- The pair could, with a bit of luck and a favorable wind, start a decent recovery wave if it settles above $2,250 and $2,350. But who’s to say?
Ethereum price, in a most dramatic fashion, failed to clear the $2,450 resistance zone and began a fresh decline, much like its more famous cousin, Bitcoin. ETH gained pace below the $2,350 and $2,320 support levels, moving further into a bearish zone. How very unbecoming!
The price declined over 5% and even traded below the $2,220 support zone. A low was formed at $2,123, and the price is now consolidating its losses. It is showing many bearish signs below the 23.6% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low. How very gloomy!
Ethereum price is now trading below $2,250 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $2,260 on the hourly chart of ETH/USD. How very inconvenient!
On the upside, the price seems to be facing hurdles near the $2,220 level. The first major resistance is near the $2,250 level or the trend line and the 50% Fib retracement level of the downward wave from the $2,520 swing high to the $2,123 low. How very vexing!
The main resistance is now forming near $2,350. A clear move above the $2,360 resistance might send the price toward the $2,450 resistance. An upside break above the $2,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term. How very delightful, if only it were so simple!
More Losses In ETH?
If Ethereum fails to clear the $2,250 resistance, it could start another decline. Initial support on the downside is near the $2,120 level. The first major support sits near the $2,050 zone. How very unsettling!
A clear move below the $2,050 support might push the price toward the $2,000 support. Any more losses might send the price toward the $1,880 support level in the near term. The next key support sits at $1,750. How very dire!
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. How very bearish indeed!
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. How very bearish indeed!
Major Support Level – $2,120
Major Resistance Level – $2,260
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2025-02-28 06:25