BTC / USD
23,021.15
0.63%
(-145.46)
ETH / USD
1,576.79
1.31%
(-20.85)
XRP / USD
0.40
1.71%
(-0.01)
LTC / USD
95.61
1.19%
(+1.12)
EOS / USD
1.03
3.56%
(-0.04)
BCH / USD
131.55
2.45%
(-3.31)
ADA / USD
0.38
4.01%
(-0.02)
XLM / USD
0.09
2.84%
(-0)
NEO / USD
8.00
2.61%
(-0.21)
XEM / USD
0.04
0.03%
(0)
DASH / USD
59.87
0.33%
(-0.2)
USDT / USD
1.00
0%
(0)
BNB / USD
309.12
1.49%
(-4.66)
QTUM / USD
2.59
4.81%
(-0.13)
XVG / USD
0.00
1%
(-0)
ONT / USD
0.20
2.83%
(-0.01)
ZEC / USD
44.90
1.82%
(-0.83)
STEEM / USD
0.19
1.04%
(-0)

Ethereum Bears Keeps Pushing, Why Decline Isn’t Over Yet

0

Ethereum extended decline below the $2,700 support against the US Dollar. ETH price is struggling and might even decline below the $2,500 support.

  • Ethereum started a major decline below the $2,800 support level.
  • The price is now trading below $2,700 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,700 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover, but the bears might remain active near $2,650 and $2,700.

Ethereum Price Turns Red

Ethereum failed to correct and recover above the $2,750 resistance zone. ETH settled below the $2,750 level and the 100 hourly simple moving average.

As a result, there were additional losses below the $2,650 support. The price gained pace and even declined below $2,550. A low is formed near $2,511 and the price is now consolidating losses. An immediate resistance on the upside is near the $2,560 level.

The 23.6% Fib retracement level of the recent decline from the $2,752 swing high to $2,511 low is also near the $2,560 level. The next major resistance is near the $2,650 level.

Besides, the 50% Fib retracement level of the recent decline from the $2,752 swing high to $2,511 low is near the $2,650 level. The main resistance is now forming near the $2,720 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,700 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

A clear move above the $2,720 might start a steady increase. In the stated case, the price could rise towards $2,880 resistance zone or even $3,000.

More Losses in ETH?

If ethereum fails to start a recovery wave above the $2,650 level, it could start another decline. An initial support on the downside is near the $2,510 level or the recent low.

The next major support is near the $2,500 level. A downside break below the $2,500 could spark another major decline. The next major support is near the $2,420 level. Any more losses might call for a move towards $2,350 in the near term.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,650

Leave A Reply

Your email address will not be published.