Ethereum Price Eyes Downside Thrust: Will It Slip Further?
September 01 2024 - 11:58PM
NEWSBTC
Ethereum price started another decline below the $2,550 support.
ETH could dive toward the $2,250 support zone before the bulls
emerge. Ethereum started a fresh decline below the $2,550 level.
The price is trading below $2,500 and the 100-hourly Simple Moving
Average. There is a connecting bearish trend line forming with
resistance at $2,500 on the hourly chart of ETH/USD (data feed via
Kraken). The pair must stay above $2,400 to start another increase
in the near term. Ethereum Price Extends Losses Ethereum price
failed to stay above the $2,620 support and extended losses. ETH
traded below the $2,550 and $2,500 support levels like Bitcoin. It
even tested the $2,400 support. A low was formed near $2,401 and
the price is now attempting a recovery wave. There was a move above
the $2,420 level. The price is testing the 23.6% Fib retracement
level of the downward wave from the $2,596 swing high to the $2,401
low. Ethereum price is now trading below $2,500 and the 100-hourly
Simple Moving Average. There is also a connecting bearish trend
line forming with resistance at $2,500 on the hourly chart of
ETH/USD. On the upside, the price seems to be facing hurdles near
the $2,500 level and the 100-hourly Simple Moving Average. It is
close to the 50% Fib retracement level of the downward wave from
the $2,596 swing high to the $2,401 low. The first major resistance
is near the $2,550 level. A close above the $2,550 level might send
Ether toward the $2,620 resistance. The next key resistance is near
$2,660. An upside break above the $2,660 resistance might send the
price higher toward the $2,800 resistance zone in the near term.
More Downsides In ETH? If Ethereum fails to clear the $2,500
resistance, it could start another decline. Initial support on the
downside is near $2,420. The first major support sits near the
$2,400 zone. A clear move below the $2,400 support might push the
price toward $2,320 where the bulls could emerge. Any more losses
might send the price toward the $2,250 support level in the near
term. The next key support sits at $2,110. 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
zone. Major Support Level – $2,400 Major Resistance Level – $2,500
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