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Wednesday, February 21, 2024

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Ethereum Drop 10% on the Day, and it’s Vulnerable For Bigger Decline

Ethereum declined heavily below the $3,680 support against the US Dollar. ETH price is sliding and there is a risk of a move towards the $3,200 level.

Ethereum started another decline from the $3,750 resistance zone.
The price is trading below $3,550 and the 100 hourly simple moving average.
There was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of a larger decline below the $3,400 level.

Ethereum Price Eyes More Downsides
Ethereum failed to clear the $3,850 resistance level and started a major decline. ETH declined below the $3,750 and $3,700 support levels to move into a bearish zone.
Besides, there was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USD. There was a close below the $3,600 level and the 100 hourly simple moving average. The bears even pushed the price below the $3,500 level.
A low was formed near $3,411 and the price is now struggling to recover. Ether price is now trading below $3,550 and the 100 hourly simple moving average. An immediate resistance is near the $3,500 level. It is near the 23.6% Fib retracement level of the downward move from the $3,847 swing high to $3,411 low.
The next major resistance is near the $3,630 level. It is close to the 50% Fib retracement level of the downward move from the $3,847 swing high to $3,411 low.

Source: ETHUSD on TradingView.com
A clear upside break above the $3,630 level could spark a decent recovery wave. Any more gains could send the price towards the $3,700 level. The next main resistance is near the $3,750 level and the 100 hourly simple moving average.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,550 level, it could continue to move down. An initial support on the downside is near the $3,420 level.
The first key support is now forming near the $3,400 level. A downside break below the $3,400 level might lead the price towards the key $3,320 support in the near term. The next major support is near the $3,200 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is in the oversold region.
Major Support Level – $3,400
Major Resistance Level – $3,550

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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