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Ethereum price declined heavily and traded below $2,550. ETH could start another increase if it stays above the $2,400 support zone. Ethereum started a major decline below the $2,650 and $2,550 levels. The price is trading below $2,550 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,575 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a recovery wave if it stays above the $2,400 level. Ethereum Price Dives 10% Ethereum price failed to recover and extended its decline below the $2,650 level. ETH traded below the $2,550 and $2,500 support levels like Bitcoin. It even spiked below the $2,400 level. A low was formed at $2,394 and the price is now consolidating losses. There was a minor recovery wave above the $2,420 and $2,440 levels. It traded close to the 23.6% Fib retracement level of the downward move from the $2,820 swing high to the $2,394 low. Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price could face resistance near the $2,500 level. The first major resistance is near the $2,550 level. There is also a key bearish trend line forming with resistance at $2,575 on the hourly chart of ETH/USD. A close above the $2,550 level might send Ether toward the $2,600 resistance or the 50% Fib retracement level of the downward move from the $2,820 swing high to the $2,394 low. Source: ETHUSD on TradingView.com The next key resistance is near $2,660. An upside break above the $2,660 resistance might send the price higher toward the $2,880 resistance zone in the near term. More Downsides In ETH? If Ethereum fails to clear the $2,500 resistance, it could continue to move down.…

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Filed under: News - @ August 28, 2024 4:27 am