The post Ethereum Price Eyes Downside Thrust: Will It Slip Further? appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. 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. Source: ETHUSD on TradingView.com 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…

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Filed under: News - @ September 2, 2024 4:02 am