Ethereum Bears Keep Pushing, Why Decline Isn’t Over Yet
February 04 2024 - 11:33PM
NEWSBTC
Ethereum price is again moving lower from the $2,325 resistance.
ETH could decline heavily if there is a move below the $2,270
support zone. Ethereum is showing a few bearish signs from the
$2,325 zone. The price is trading below $2,300 and the 100-hourly
Simple Moving Average. There is a key bearish trend line forming
with resistance near $2,300 on the hourly chart of ETH/USD (data
feed via Kraken). The pair might start a fresh increase if it
manages to clear the $2,325 resistance zone. Ethereum Price
Struggles Below $2,325 Ethereum price attempted a fresh increase
above the $2,300 level. However, ETH faced strong selling interest
near the $2,325 zone. A high was formed near $2,327 and the price
started a fresh decline, like Bitcoin. There was a move below the
$2,300 support zone. The price even spiked below $2,280 and traded
below the 50% Fib retracement level of the upward move from the
$2,241 swing low to the $2,327 high. Ethereum is now trading below
$2,300 and the 100-hourly Simple Moving Average. The bulls are now
protecting the $2,270 support or the 61.8% Fib retracement level of
the upward move from the $2,241 swing low to the $2,327 high. On
the upside, the first major resistance is near the $2,300 level.
There is also a key bearish trend line forming with resistance near
$2,300 on the hourly chart of ETH/USD. Source: ETHUSD on
TradingView.com The next major resistance is near $2,325, above
which the price might rise and test the $2,380 resistance. If the
bulls push the price above the $2,380 resistance, they could aim
for $2,440. A clear move above the $2,440 level might send the
price further higher. In the stated case, the price could rise
toward the $2,500 level. More Losses in ETH? If Ethereum fails to
clear the $2,325 resistance, it could start another decline.
Initial support on the downside is near the $2,270 level. The next
key support could be the $2,240 zone. A clear move below the $2,240
support might send the price toward $2,200. The main support could
be $2,120. Any more losses might send the price toward the $2,080
level. Technical Indicators Hourly MACD – The MACD for ETH/USD is
losing momentum in the bearish zone. Hourly RSI – The RSI for
ETH/USD is now below the 50 level. Major Support Level – $2,240
Major Resistance Level – $2,325
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024