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Ethereum
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TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K

Aayush Jindal by Aayush Jindal
3 weeks ago
in ETH
Reading Time: 2 mins read
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Ethereum started a major decline from the $2,700 zone against the US Dollar. ETH dived below $2,550 and might accelerate lower below the $2,420 support.

  • Ethereum started a major decline after it failed to surpass $2,700.
  • The price is now trading below $2,550 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further if there is a close below the $2,420 support zone.

Ethereum Price Takes Hit

Ethereum struggled to settle above the $2,700 resistance. ETH topped near the $2,700 level and started a fresh decline. There was a sharp move below the $2,620 and $2,550 levels.

The bears even pushed the price below the $2,500 level and the 100 hourly simple moving average. A low is formed near $2,422 and the price is now consolidating losses. On the upside, an initial resistance is seen near the $2,485 level.

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There is also a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low.

The first major resistance is near the $2,565 level. It is near the 50% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low. The main breakout zone is now near the $2,650 level and the 100 hourly simple moving average.

Ethereum Price

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A close above the $2,650 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,700 resistance.

More Losses in ETH?

If ethereum fails to gain pace above the $2,565 resistance, it could continue to move down. An initial support on the downside is near the $2,420 zone.

The next major support is near the $2,400 level. If there is a downside break below $2,400 and the recent low, ether price might accelerate lower. In this case, it could even decline below the $2,350 level.

Technical Indicators

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 – $2,400

Major Resistance Level – $2,565

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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