No products in the cart.
Ethereum Takes Hit, Why ETH Could Plunge Below $2,700
Ethereum started a major decline from the $2,970 zone against the US Dollar. ETH dived below $2,800 and might accelerate lower below the $2,700 support.
Ethereum started a major decline after it failed to surpass $2,970.
The price is now trading below $2,800 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further if there is a close below the $2,700 support zone.
Ethereum Price Dives
Ethereum struggled to settle above the $2,950 resistance. ETH topped near the $2,970 level and started a fresh decline. There was a sharp move below the $2,900 and $2,850 levels.
Besides, there was a break below a key bullish trend line with support near $2,900 on the hourly chart of ETH/USD. Ether price declined below the $2,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $2,720 support level.
A low was formed near $2,678 and the price corrected a few points. There was a recovery wave above the $2,720 level. The price even climbed above the 23.6% Fib retracement level of the recent decline from the $2,969 swing high to $2,678 low.
On the upside, an initial resistance is seen near the $2,760 level. The first major resistance is near the $2,820 level. It is near the 50% Fib retracement level of the recent decline from the $2,969 swing high to $2,678 low. The main breakout zone is now near the $2,875 level.
Source: ETHUSD on TradingView.com
A close above the $2,875 level could open the doors for a decent increase, In the stated case, ether price might rise towards the $3,000 resistance.
More Losses in ETH?
If ethereum fails to gain pace above the $2,760 resistance, it could continue to move down. An initial support on the downside is near the $2,720 zone.
The next major support is near the $2,680 level. If there is a downside break below $2,680 and the recent low, ether price might accelerate lower. In this case, it could even decline below the $2,600 level.
Hourly MACD – The MACD for ETH/USD is now moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $2,680
Major Resistance Level – $2,760
- September 2022 (417)
- August 2022 (519)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- Ethereum Price Broke Out Of Descending Channel, What’s Next?
- Cardano Price Surges, Will The Bulls Hold The Recovery?
- Quant (QNT) Adds 10% In 24 Hours While Macro Uncertainty Pulls Others
- Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price?
- Maker DAO Shows Bullish Sentiment After A While, Eyes $800?