Ethereum Price Dives: Is Bearish Control on the Horizon?

NewsBTC
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Ethereum price declined heavily and traded below $2,550. ETH could start another increase if it stays above the $2,400 support zone.


  • Ethereum started a major decline below the $2,650 and $2,550 levels.

  • The price is trading below $2,550 and the 100-hourly Simple Moving Average.

  • There is a key bearish trend line forming with resistance at $2,575 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could start a recovery wave if it stays above the $2,400 level.


Ethereum Price Dives 10%


Ethereum price failed to recover and extended its decline below the $2,650 level. ETH traded below the $2,550 and $2,500 support levels like Bitcoin. It even spiked below the $2,400 level.


A low was formed at $2,394 and the price is now consolidating losses. There was a minor recovery wave above the $2,420 and $2,440 levels. It traded close to the 23.6% Fib retracement level of the downward move from the $2,820 swing high to the $2,394 low.


Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price could face resistance near the $2,500 level.


The first major resistance is near the $2,550 level. There is also a key bearish trend line forming with resistance at $2,575 on the hourly chart of ETH/USD. A close above the $2,550 level might send Ether toward the $2,600 resistance or the 50% Fib retracement level of the downward move from the $2,820 swing high to the $2,394 low.

Ethereum Price

The next key resistance is near $2,660. An upside break above the $2,660 resistance might send the price higher toward the $2,880 resistance zone in the near term.


More Downsides In ETH?


If Ethereum fails to clear the $2,500 resistance, it could continue to move down. Initial support on the downside is near $2,420. The first major support sits near the $2,400 zone.


A clear move below the $2,400 support might push the price toward $2,350 where the bulls could emerge. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.


Technical Indicators


Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,400

Major Resistance Level – $2,550

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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