BTC / USD
66,532.82
3.79%
(+2427.1)
ETH / USD
3,686.27
5.91%
(+205.81)
XRP / USD
0.64
1.17%
(+0.01)
LTC / USD
89.60
0.96%
(-0.86)
EOS / USD
1.10
3.32%
(-0.04)
BCH / USD
443.59
2.15%
(-9.77)
ADA / USD
0.76
2.99%
(-0.02)
XLM / USD
0.15
4.55%
(+0.01)
NEO / USD
18.11
0.01%
(0)
XEM / USD
0.05
3.28%
(0)
DASH / USD
40.40
2.92%
(+1.15)
USDT / USD
1.00
0.01%
(0)
BNB / USD
418.51
0.3%
(+1.25)
QTUM / USD
5.45
2.15%
(-0.12)
XVG / USD
0.01
10.86%
(0)
ONT / USD
0.33
0.54%
(-0)
ZEC / USD
33.95
4.94%
(+1.6)
STEEM / USD
0.30
0.23%
(-0)

Ethereum Nosedives, Indicators Show Signs of Larger Downtrend

0

Ethereum extended decline below the $3,000 support zone against the US Dollar. ETH price could extend losses towards the $2,650 support in the near term.

  • Ethereum extended decline below the $3,050 and $3,000 support levels.
  • The price is trading below $3,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend losses if there is a clear move below the $2,800 support zone.

Ethereum Price Dives 8%

Ethereum failed to gain strength above the $3,250 level and started a major decline. ETH formed a high near $3,272 before there was a major decline.

There was a sharp move below the $3,120 and $3,050 support levels. Besides, there was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD. Ether price even settled below the $3,000 level and the 100 hourly simple moving average.

The price spiked below the $2,900 level and traded as low as $2,808. It is now consolidating losses above the $2,800 level. An initial resistance is near the $2,900 zone. It is close to the 23.6% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.

The first major resistance is near the $3,000 level or the 50% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.

Source: ETHUSD on TradingView.com

If there is an upside break above $3,000 resistance, zone, the price could rise towards the 100 hourly simple moving average. The next major resistance is near the $3,200 level.

More Losses in ETH?

If ethereum fails to start a recovery wave above the $2,900 level, it could continue to move down. An initial support on the downside is near the $2,820 level.

The first key support is now forming near the $2,800 level. A downside break below the $2,800 level might start another strong decline. The next major support for the bulls may perhaps be near the $2,650 zone. Any more losses could push the price towards the $2,500 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now in the oversold zone.

Major Support Level – $2,800

Major Resistance Level – $3,000

Leave A Reply

Your email address will not be published.