TA: How can Ethereum below $2.3k cause a bigger drop?

Ethereum remains in the bearish zone and is trading below USD 2,350 against the US Dollar. ETH price could accelerate downward if there is a close below $2,300. Ethereum extended its decline below the $2,400 and $2,350 levels. The price is now trading well below $2,400 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $2380 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline if the bulls fail to protect the key USD 2,300 support zone. Ethereum price remains at risk Ethereum started a steady decline well above USD 2,500, similar to bitcoin. ETH traded below the USD 2,450 and USD 2,400 support levels to enter a bearish zone. There was also a break below the USD 2,350 support zone and yesterday's low. The price is now trading well below $2,400 and the 100 hourly simple moving average. Ether manages to stay above the key USD 2,300 support zone. A low was formed near $2,304 and the price is consolidating losses. An initial resistance is near the USD 2,350 level. The first key resistance is near the $2,380 level. There is also a key bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD. Source: ETHUSD Trendline on TradingView.com is near the 23.6% Fib retracement level of the recent decline from the $2,640 high to $2,304 high. The first major resistance is near the $2,400 level. The main resistance is now forming near the $2,450 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $2,640 low to $2,304 high. Losing more in ETH? If Ethereum fails to clear the USD 2,380 and USD 2,400 resistance levels, it could continue to decline. An initial support on the downside is near the USD 2,320 level. The main discomfort support is currently forming near the USD 2,300 level. A downside break below the recent low and the USD 2,300 support level could potentially lead to a massive decline. at t

Join the Discussion

  • BrokerEUR/USD
    SpreadEX 0.6pips (variable) margin: 3.33%
    OANDA 1.3pips (variable) margin: 3.33%
  • Back to top