Black_background_logo_BitcoinWorld-removebg-preview
Ethereum
Latest News

Ethereum Displays a Bearish Technical Pattern, May Touch $2.5K

Ethereum was unable to maintain its position above the $3,020 and $3,000 support levels. The price of ETH has continued to fall below the $2,950 support level, settling below the 100 hourly simple moving average.

The price dropped below $2,900 as a result of the fall. Near $2,832, a low has formed, and the price is now consolidating losses. So, Near the $2,880 mark, there is instant resistance. Near the $2,950 mark, the first substantial resistance exists.

Source : TradingView

On the hourly chart of ETH/USD, a key declining channel is forming with resistance near $2,900. The 23.6 percent Fib retracement level of the latest slide from the $3,141 swing high to the $2,832 low is approaching the channel resistance.

Near the $3,000 level and the 100 hourly simple moving average, the main resistance exists. It corresponds to the 50% Fib retracement level of the latest drop from the $3,141 swing high to the $2,832 low. A good close above $3,000 could signal the start of a new upward trend. In the above scenario, the price could rise above $3,050 and $3,080. Any further rises might push the price up to $3,120.

If ethereum does not begin a new uptrend over $2,900 or $3,000, it may continue to fall. On the downside, $2,830 serves as an initial support level.

Near the $2,800 level, the next big support is found. A break below the $2,800 barrier on the downside might bring the price down to the $2,720 level. The next key support is near the $2,650 level, below which a further loss is possible. In the aforementioned scenario, the price may reach $2,550.
Related Posts – Ferrari joins the NFT universe through a collaboration with a Swiss…

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.