So, Ethereum is doing that thing again—slipping down from the cozy $2,800 neighborhood. If it dips below $2,650, we might just witness a full-blown bearish tantrum. Who knew digital currency could be so dramatic?
- Ethereum has decided to take a fresh nosedive below the $2,720 level. Bravo, ETH, really.
- Currently, it’s trading below $2,700, which is like being the last kid picked for dodgeball—awkward.
- Oh, and it broke below a key bullish trend line at $2,680. Trend lines are like the safety nets of the crypto circus, and ETH just cut its own.
- But fear not! If it can somehow pull itself together and settle above $2,700 and $2,720, we might see a glimmer of hope. Or at least a flicker of a candle in the dark.
Ethereum Price Dips Again
In a valiant attempt to rise above the $2,650 level, Ethereum tried to channel its inner Bitcoin. It broke the $2,720 resistance but then promptly tripped over the $2,800 threshold like a toddler learning to walk.
After reaching a high of $2,791, it decided to take a scenic route downwards. It dipped below the $2,750 and $2,720 support levels, like a bad reality show contestant who just can’t catch a break.
And let’s not forget the 50% Fib retracement level—it’s like the halfway point in a marathon, and ETH just decided to sit down and have a snack instead.
Now, it’s trading below $2,700 and the 100-hourly Simple Moving Average, which sounds fancy but really just means it’s not doing great.
However, it’s finding some bids near the 76.4% Fib retracement level. It’s like finding a dollar in your old coat pocket—unexpected but not life-changing. The price is facing hurdles near the $2,680 level, which is just a fancy way of saying it’s stuck.
The main resistance is now forming near $2,780 or $2,800. If it can muster the strength to break above $2,800, we might just see it sprint toward $2,880. But let’s be real—this is Ethereum we’re talking about, not an Olympic athlete.
More Losses In ETH?
If Ethereum can’t clear the $2,720 resistance, it could start another decline. Initial support is near the $2,655 level, which is like the first step on a slippery slope.
The first major support sits near the $2,615 zone. If it goes below that, we might as well start planning a funeral for our investments.
And if it really wants to go for broke, it could tumble down to the $2,500 support level. The next key support is at $2,440, which sounds like a sad little pit stop on the way to financial ruin.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. It’s like a rollercoaster that only goes down.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone. It’s officially in the danger zone, folks.
Major Support Level – $2,650
Major Resistance Level – $2,720
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2025-02-17 06:43