đ„đ„đ„ #EthereumPrice Nosedives Over 5%, Pressure Mounts on Bulls
Ethereum Price Drops Over 5%, Eyes Further Decline Toward $2,120
- Ethereum has seen a significant decline of over 5%, breaking below $2,350 and signaling increased selling pressure. The cryptocurrency may continue to drop toward the $2,120 support level if it fails to regain momentum.
Ethereum Price Faces Selling Pressure
- Ethereum attempted to clear the $2,450 resistance but failed, leading to another decline similar to #bitcoinâïž . ETH saw a more pronounced drop, breaking through the $2,400 support zone.
Key Trend Line Break
- A crucial bullish trend line with support at $2,400 was broken on the hourly chart of ETH/USD (Kraken data). The price is now trading below $2,320 and the 100-hour Simple Moving Average (SMA), with a recent low at $2,253. Currently, ETH is consolidating its losses.
Resistance Levels to Watch
- Ethereum faces resistance near $2,300, which aligns with the 23.6% Fibonacci retracement level of the recent drop from the $2,465 high to the $2,253 low. The first major resistance level is at $2,320. If ETH manages to close above this, it could push toward the $2,360 level, with additional resistance near $2,385 (the 61.8% Fib level). Breaking above $2,385 could open the door for a move toward $2,450 in the near term.
Potential Further Declines
- If Ethereum fails to break the $2,320 resistance, the downtrend may continue. Immediate support is found near $2,250, with the first major support at $2,200. A break below this level could push ETH toward the $2,150 level, with the next major support at $2,120. If selling pressure continues, Ethereum could test the $2,050 zone.
Technical Indicators
- Hourly MACD: Gaining strength in the bearish zone.
- Hourly RSI: Currently below 50, indicating bearish momentum.
- Key Support Levels: $2,250 and $2,200
- Key Resistance Levels: $2,320 and $2,385
Source - newsbtc.com
