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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.
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