BTC / USD
27,054.04
0.81%
(-220.33)
ETH / USD
1,890.57
0.85%
(-16.29)
XRP / USD
0.52
0.91%
(-0)
LTC / USD
95.99
0.87%
(+0.83)
EOS / USD
0.91
0.73%
(+0.01)
BCH / USD
114.76
0.14%
(-0.16)
ADA / USD
0.38
0.95%
(-0)
XLM / USD
0.09
0.38%
(-0)
NEO / USD
10.46
2.15%
(+0.22)
XEM / USD
0.03
0.03%
(0)
DASH / USD
42.52
0.61%
(-0.26)
USDT / USD
1.00
0%
(0)
BNB / USD
305.90
0.52%
(-1.6)
QTUM / USD
2.67
0.98%
(+0.03)
XVG / USD
0.00
0.61%
(-0)
ONT / USD
0.23
1.29%
(0)
ZEC / USD
32.23
0.19%
(+0.06)
STEEM / USD
0.18
0.71%
(0)

Ethereum Drops Below $2,800, Why The Bulls Might Struggle

0

Ethereum extended decline below the $2,800 support zone against the US Dollar. ETH price is declining and might even trade below the $2,675 support zone.

  • Ethereum started a downside correction below the $2,880 support zone.
  • The price is now trading below $2,800 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend decline towards the $2,550 support if it breaks the $2,675 support.

Ethereum Price Extends Decline

Ethereum failed to start a fresh increase above the $2,950 resistance level. ETH started another decline and traded below the key $2,880 support zone.

There was a clear move below the 50% Fib retracement level of the key increase from the $2,560 swing low to $3,043 high. Ether price even settled below the $2,800 support zone and the 100 hourly simple moving average.

It is now trading below the 61.8% Fib retracement level of the key increase from the $2,560 swing low to $3,043 high. There is also a key bearish trend line forming with resistance near $2,800 on the hourly chart of ETH/USD. On the upside, ether price is facing resistance near the $2,760 level.

Source: ETHUSD on TradingView.com

The first major resistance is seen near the $2,800 level (the recent breakdown zone) and the trend line zone. A clear move above the $2,800 level might open the doors for a steady increase. The next major resistance might be near the $2,850 level and the 100 hourly simple moving average. Any more gains could send the price towards the $3,000 resistance zone or even the $3,040 level.

More Downsides in ETH?

If ethereum fails to start a fresh increase above the $2,800 level, it could extend decline. An initial support on the downside is near the $2,700 level.

The next major support is near the $2,675 level, below which the price might gain bearish momentum. In the stated case, ether price could even revisit the $2,550 support zone. Any more losses might call for a move towards the $2,500 level in the near term.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now below the 30 level.

Major Support Level – $2,675

Major Resistance Level – $2,800

Leave A Reply

Your email address will not be published.