🔥🔥🔥 #Ethereum Price Plunge To $2K Imminent as Key Support Line Crumbles
Ethereum encountered persistent downward pressure, testing the $2,150 support and struggling to regain traction. The #cryptocurrency may face further declines towards the $2,000 support area.
Initiating a fresh decline, Ethereum dipped below crucial levels such as $2,350 and $2,250. The price currently trades below $2,250 and the 100-hourly Simple Moving Average, presenting a challenging scenario for recovery. A notable bearish trend line with resistance near $2,240 has formed on the hourly chart of ETH/USD, sourced from Kraken.
Despite a minor upward move above $2,220, the price tested the 23.6% Fib retracement level of the recent downtrend from the $2,480 swing high to the $2,165 low. Ethereum remains below $2,250 and is encountering resistance near the $2,240 level, in addition to the mentioned bearish trend line.
A potential recovery hinges on clearing resistance at $2,240 and $2,280. Subsequently, overcoming the $2,360 hurdle or the 61.8% Fib retracement level may pave the way for a more substantial recovery towards $2,415. Further gains could propel the price towards the $2,550 zone.
However, failure to surpass the $2,440 resistance may trigger renewed downside momentum. Initial support emerges near $2,200, followed by a key level at $2,165. A breach of the $2,165 support could extend losses, with Ether potentially testing the $2,120 support. Further downside momentum might lead to a challenge of the $2,000 level.
Analyzing technical indicators, the hourly #MACD for ETH/USD indicates increasing bearish momentum, while the hourly RSI is now positioned below the 50 level.
Key Levels:
- Major Support: $2,165
- Major Resistance: $2,480
Source - newsbtc.com
