BitcoinWorld

Ethereum (ETH) Price Plunges Over 5%, Can Bears Push ETH Under $2,800?
Latest News News

Ethereum (ETH) Price Plunges Over 5%, Can Bears Push ETH Under $2,800?

Ethereum (ETH) price started another decline, plunging over 5% to below $3,000. ETH must stay above the $2,800 and $2,850 support levels to avoid a major drop.

Ethereum started another decline and tested the $2,900 zone.

The price is trading below $3,120 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it settles below the $2,850 support.

Ethereum Price Dives Again

Ethereum price struggled to gain pace for a move above the $3,250 level and started another decline, like Bitcoin. ETH traded below the $3,120 level. The bears even pushed the price below the $3,000 level.

See Also: Bonk Inu (BONK) Surged 55% in Two Weeks, Flipping Floki Inu (FLOKI)

A low was formed at $2,916 and the price is now consolidating. There was a minor increase above the $3,000 level. 

The price tested the 23.6% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. However, the bears were active near the $3,000 and $3,020 levels.

Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100-hourly Simple Moving Average.

There is also a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low.

The next key resistance sits at $3,185, above which the price might gain traction and rise toward the $3,250 level. 

A close above the $3,250 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,120 resistance, it could continue to move down. Initial support on the downside is near the $2,940 level and the channel zone. 

The first major support is near the $2,850 zone.

The main support is near the $2,800 level. A clear move below the $2,800 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 level in the near term.

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 level.
  • Major Support Level – $2,940
  • Major Resistance Level – $3,120

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN

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.