2.9 C
New York
Wednesday, February 21, 2024

Buy now

Ethereum Restarts Decline, Can Bulls Save The Day

Ethereum extended decline below the $2,600 support zone against the US Dollar. ETH price could even retest $2,445, where the bulls might appear.

Ethereum remained in a bearish zone below the $2,650 support.
The price is now trading below $2,600 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend decline if it fails to stay above $2,500 and $2,445.

Ethereum Price Turns Red
Ethereum started a fresh decline from well above $2,700. ETH traded below the $2,650 and $2,600 support levels to move into the red zone.
There was also a close below the $2,600 level and the 100 hourly simple moving average. Ether price traded as low as $2,525 and is currently consolidating losses. An immediate resistance on the upside is near the $2,585 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,775 swing high to $2,525 low.
The first major resistance is seen near the $2,620 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The next major resistance is near the $2,650 level. It is near the 50% Fib retracement level of the recent decline from the $2,775 swing high to $2,525 low. A close above the $2,650 resistance could start a steady increase. In the stated case, the price might rise towards the $2,750 level, where the bears could take a stand in the near term.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $2,620 level, it could continue to move down. An initial support on the downside is near the $2,525 level.
The next major support is near the $2,500 level. A close below the $2,525 and $2,500 support levels might push the price further lower. In the stated case, the price could revisit $2,445. Any more gains may perhaps open the doors for a larger decline towards the $2,320 level or even $2,250.
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 now below the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,650

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.

Latest Articles

bitcoin
Bitcoin (BTC) $ 52,135.97
ethereum
Ethereum (ETH) $ 2,994.72
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 354.49
solana
Solana (SOL) $ 107.81
xrp
XRP (XRP) $ 0.564780
staked-ether
Lido Staked Ether (STETH) $ 2,990.90
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.624597
avalanche-2
Avalanche (AVAX) $ 38.31
dogecoin
Dogecoin (DOGE) $ 0.085615
tron
TRON (TRX) $ 0.138956
chainlink
Chainlink (LINK) $ 19.38
polkadot
Polkadot (DOT) $ 7.70
matic-network
Polygon (MATIC) $ 1.02
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 52,202.99
the-open-network
Toncoin (TON) $ 2.22
internet-computer
Internet Computer (ICP) $ 13.69
shiba-inu
Shiba Inu (SHIB) $ 0.000010
uniswap
Uniswap (UNI) $ 7.54
bitcoin-cash
Bitcoin Cash (BCH) $ 264.17
litecoin
Litecoin (LTC) $ 69.55
dai
Dai (DAI) $ 1.00
immutable-x
Immutable (IMX) $ 3.49
kaspa
Kaspa (KAS) $ 0.180181
leo-token
LEO Token (LEO) $ 4.31
cosmos
Cosmos Hub (ATOM) $ 10.31
optimism
Optimism (OP) $ 4.09
blockstack
Stacks (STX) $ 2.71
filecoin
Filecoin (FIL) $ 7.64
bittensor
Bittensor (TAO) $ 626.90
ethereum-classic
Ethereum Classic (ETC) $ 26.93
hedera-hashgraph
Hedera (HBAR) $ 0.109957
near
NEAR Protocol (NEAR) $ 3.38
aptos
Aptos (APT) $ 9.56
stellar
Stellar (XLM) $ 0.117355
vechain
VeChain (VET) $ 0.044240
injective-protocol
Injective (INJ) $ 36.41
okb
OKB (OKB) $ 50.89
celestia
Celestia (TIA) $ 17.90
lido-dao
Lido DAO (LDO) $ 3.21
first-digital-usd
First Digital USD (FDUSD) $ 0.998518
arbitrum
Arbitrum (ARB) $ 1.97
mantle
Mantle (MNT) $ 0.765315
crypto-com-chain
Cronos (CRO) $ 0.091103
sei-network
Sei (SEI) $ 0.930603
render-token
Render (RNDR) $ 6.19
the-graph
The Graph (GRT) $ 0.240764
monero
Monero (XMR) $ 122.33
sui
Sui (SUI) $ 1.71