Changelly

Cryptocurrency

Ethereum Nosedives, Indicators Show Signs of Larger Downtrend

1 Mins read


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.

Ethereum Price

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



Source link

Related posts
Cryptocurrency

Luna Foundation Guard Discloses Usage of Bitcoin Reserves – Bitcoin News

2 Mins read
The Luna Foundation Guard, the entity in charge of safeguarding the peg of UST, the stablecoin of the Terra ecosystem, has revealed…
Cryptocurrency

Solana TVL Sees Sharp Decline, Reaches 2022 Low

2 Mins read
When Solana’s price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low….
Cryptocurrency

Fear & Greed Index hits lowest since March 2020 even as Bitcoin price hits $30.5K

2 Mins read
Bitcoin (BTC) returned to $30,500 on May 17 amid hopes that a retest of 2017 highs could be avoided. BTC/USD 1-hour candle…

Leave a Reply

Your email address will not be published. Required fields are marked *