🔥🔥🔥 #EthereumPrice Crashes Over 20%: Market Reacts to Major Sell-Off
Ethereum Price Decline and Recovery Attempt
Ethereum ($ETH ) has dropped over 20% after falling below $3,000, currently trading below $2,500 and attempting a recovery from around $2,000. The price decline began after breaking key support levels at $2,800 and $2,650. ETH briefly fell to $1,911 before showing some recovery, breaking the 23.6% Fibonacci retracement level of the drop from $2,922 to $1,911.
The price is below the 100-hourly Simple Moving Average (SMA) and faces resistance near $2,500, with a bearish trend line forming. To initiate a recovery, ETH needs to clear this resistance. If successful, the next hurdles are at $2,540 and $2,680, with a potential push towards $3,000 if $2,800 is surpassed.
Failure to clear $2,500 could lead to further declines. Initial support is at $2,200, with major support levels at $2,120 and $2,000. A drop below $2,120 might push the price towards $2,050 and $1,920.
Technical Indicators:
- Hourly MACD: Losing momentum in the #BEARISH📉 zone
- Hourly RSI: Below 50
- Major Support Level: $2,120
- Major Resistance Level: $2,500
Source - newsbtc.com
