Ethereum has recently taken a notable downturn, plummeting from the $2,850 resistance zone and falling over 10%—now clinging to the precarious $2,500 mark. If you’re feeling the tremors of this bearish wave, you’re not alone! Investors are grappling with increased selling pressure as Ethereum trades below crucial support levels. As the cryptocurrency battles a bearish trendline and major resistances loom ahead, the future of Ether hangs in the balance. Will it find its footing, or is more trouble on the horizon? Join me as we dive deeper into the latest price action and what it means for Ethereum’s trajectory. If you’re curious to explore more about this unfolding development, be sure to LEARN MORE.
Ethereum price started a fresh decline from the $2,850 resistance zone. ETH is down over 10% and is struggling to stay above the $2,500 level.
- Ethereum is facing an increase in selling below the $2,650 zone.
- The price is trading below $2,750 and the 100-hourly Simple Moving Average.
- There is a short-term bearish trend line forming with resistance at $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent upward move if it settles above $2,600 and $2,650.
Ethereum Price Takes A Hit
Ethereum price failed to clear the $2,850 resistance zone and started a fresh decline, like Bitcoin. ETH gained pace below the $2,720 and $2,650 support levels to enter a bearish zone.
The price declined over 10% and even declined below the $2,550 support zone. A low was formed at $2,458 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2,854 swing high to the $2,458 low.
Post Comment