Well, folks, it seems Ethereum’s been on a bit of a rollercoaster lately, and not the fun kind. The price tried to climb above $2,880, but it’s now sliding down faster than a greased pig at a county fair. If it keeps this up, we might be looking at $2,320 before you can say “blockchain.”
- Ethereum took a nosedive below $2,700, and it’s not looking pretty.
- It’s trading below $2,700 and the 100-hourly Simple Moving Average, which is fancy talk for “it’s in trouble.”
- There’s a bearish trend line forming with resistance at $2,680 on the hourly chart of ETH/USD (courtesy of Kraken).
- If it stays below $2,700, we might be in for another round of “How Low Can It Go?”
Ethereum’s Recovery: A Tale of Woe
Ethereum tried to stage a comeback above $2,650, much like its cousin Bitcoin. It even managed to push past $2,700 and $2,750, giving folks a glimmer of hope. But then, the bears showed up, and they weren’t in the mood for a party. The price started tumbling again, dipping below $2,720 and $2,700. It even tested the 50% Fib retracement level of the upward move from the $2,127 swing low to the $2,923 high. Fancy words, but it’s still bad news.
Now, Ethereum is trading below $2,700 and the 100-hourly Simple Moving Average. There’s also that pesky bearish trend line forming with resistance at $2,680 on the hourly chart of ETH/USD. On the upside, the price is hitting a wall near $2,680 and the 100-hourly Simple Moving Average. The first major resistance is near $2,700, and the main resistance is forming near $2,880 or $2,920. If it can break above $2,920, we might see it head toward $3,000. But let’s not hold our breath.
If it manages to break above $3,000, we could see some gains in the coming sessions. In that case, Ether might rise toward the $3,050 resistance zone or even $3,120 in the near term. But that’s a big “if.”
More Losses on the Horizon?
If Ethereum can’t clear the $2,700 resistance, it might start another decline. Initial support on the downside is near $2,525, and the first major support sits near $2,440. If it breaks below $2,440, we could see it head toward $2,320. Any more losses, and it might drop to $2,250. The next key support is at $2,120. So, buckle up, folks. It’s going to be a bumpy ride.
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 – $2,525
Major Resistance Level – $2,440
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2025-02-10 06:42