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Bears able to Push ETH Price Below $2800 support zone…?

The Ethereum (ETH) price plunged 7.15 percent as negative clouds blanketed the crypto market, forming an evening star pattern. This generates a double top pattern with the neckline at the $2800 support zone, as well as a reversal trend from the falling trendline.

After a fake out of the $2,800 support zone and a low of $2400, Ether prices failed to break through the trendline. As a result, with the double top breakout, the current downturn may shortly retest the low of $2,400.

The price of Ethereum (ETH) is trading below the 20 and 200 EMAs, with the lines remaining bearishly aligned. In the recent two declines, the daily-Relative Strength index (44) slope suggests a bearish divergence.

Source : TradingView

On the 4-hour ETH/USD chart, rising selling pressure pushes Ethereum prices below the extremely crucial support trendline. Furthermore, with a 2.33 percent drop, the latest 4-hour candle pierces into the support zone.

Source : TradingView

If bulls survive the downturn, a reversal could face resistance at the $3000 and $3400 mark, above the resistance trendline, contrary to bearish theory.

The MACD and signal line of the moving average convergence/divergence indicator reveal a parabolic fall below the zero line. Furthermore, the negative histograms’ rising trend indicates increased selling pressure.
Resistance levels- $3000, $3400
Support levels are- $2650 and $2400

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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.