Ethereum Price Plunges Over 5%, Can Bears Push ETH Under $2,800?
May 01 2024 - 12:06AM
NEWSBTC
Ethereum price started another decline and traded below $3,000. ETH
must stay above the $2,800 and $2,850 support levels to avoid a
major drop. Ethereum started another decline and tested the $2,900
zone. The price is trading below $3,120 and the 100-hourly Simple
Moving Average. There is a connecting bearish trend line forming
with resistance at $3,120 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could continue to move down if it settles
below the $2,850 support. Ethereum Price Dives Again Ethereum price
struggled to gain pace for a move above the $3,250 level and
started another decline, like Bitcoin. ETH traded below the $3,120
level. The bears even pushed the price below the $3,000 level. A
low was formed at $2,916 and the price is now consolidating. There
was a minor increase above the $3,000 level. The price tested the
23.6% Fib retracement level of the downward move from the $3,356
swing high to the $2,916 low. However, the bears were active near
the $3,000 and $3,020 levels. Ethereum is now trading below $3,120
and the 100-hourly Simple Moving Average. Immediate resistance is
near the $3,020 level. The first major resistance is near the
$3,120 level and the 100-hourly Simple Moving Average. There is
also a connecting bearish trend line forming with resistance at
$3,120 on the hourly chart of ETH/USD. The trend line is close to
the 50% Fib retracement level of the downward move from the $3,356
swing high to the $2,916 low. Source: ETHUSD on TradingView.com The
next key resistance sits at $3,185, above which the price might
gain traction and rise toward the $3,250 level. A close above the
$3,250 resistance could send the price toward the $3,350
resistance. If there is a move above the $3,350 resistance,
Ethereum could even test the $3,500 resistance. Any more gains
could send Ether toward the $3,620 resistance zone. More Downsides
In ETH? If Ethereum fails to clear the $3,120 resistance, it could
continue to move down. Initial support on the downside is near the
$2,940 level and the channel zone. The first major support is near
the $2,850 zone. The main support is near the $2,800 level. A clear
move below the $2,800 support might push the price toward $2,650.
Any more losses might send the price toward the $2,540 level in the
near term. Technical Indicators Hourly MACD – The MACD for ETH/USD
is gaining momentum in the bearish zone. Hourly RSI – The RSI for
ETH/USD is now below the 50 level. Major Support Level – $2,940
Major Resistance Level – $3,120
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024