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Saturday, February 17, 2024

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Ethereum Plunges 5%, Can Buyers Save The Key $3.5K Support

Ethereum gained bearish momentum below the $3,720 support against the US Dollar. ETH price tested $3,600 and currently struggling to recover higher.

Ethereum started a major decline below the $3,850 and $3,750 support levels.
The price is trading below $3,800 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $3,715 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above $3,500 to avoid more downsides in the near term.

Ethereum Price Extends Decline
Ethereum failed to stay above the $3,880 and $3,850 support levels. ETH extended decline and traded below the key $3,750 support zone.
There was a sharp move below the $3,700 level and the price settled below the 100 hourly simple moving average. It traded as low as $3,602 and is currently consolidating losses. An immediate resistance on the upside is near the $3,655 level.
It is near the 23.6% Fib retracement level of the recent decline from the $3,827 swing high to $3,602 low. The next major resistance is near the $3,715 level.
There is also a key bearish trend line forming with resistance near $3,715 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,827 swing high to $3,602 low. To start a decent recovery, the price must clear the $3,715 resistance.

Source: ETHUSD on TradingView.com
In the stated case, the price could rise towards the $3,850 level or the 100 hourly simple moving average. Any more gains could send the price towards the $4,000 level.
More Downsides in ETH?
If ethereum fails to start a fresh increase above the $3,715 level, it could continue to move down. An initial support on the downside is near the $3,600 level or the recent low.
The first key support is now forming near the $3,550 and $3,500 levels. A downside break below the $3,550 and $3,500 levels could put a lot of pressure on the bulls. In the stated case, the price could decline towards the $3,200 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is near the 30 level.
Major Support Level – $3,600
Major Resistance Level – $3,715

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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