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Wednesday, February 21, 2024

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Ethereum Revisits $2.5K, Why Recovery Could Be Capped

Ethereum extended decline below the $2,650 support zone against the US Dollar. ETH price is struggling and there is a risk of a move below $2,500.

Ethereum started a fresh decline from well above the $2,800 pivot zone.
The price is now trading below $2,600 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $2,620 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend decline below $2,500 if it fails to recover above the $2,650 resistance.

Ethereum Price Extends Decline
Ethereum failed to start a fresh increase above the $2,800 resistance level. ETH started another decline and traded below the key $2,650 support zone.
The bears took control and were able to push the price below $2,550. Ether tested the $2,500 support and settled below the 100 hourly simple moving average. A low is formed near $2,508 and the price is now consolidating losses.
On the upside, an initial resistance is near the $2,550 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,684 swing high to $2,508 low.
The first major resistance is seen near the $2,600 level (the recent breakdown zone). It is close to the 50% Fib retracement level of the recent decline from the $2,684 swing high to $2,508 low. There is also a connecting bearish trend line forming with resistance near $2,620 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
The next major resistance might be near the $2,650 level and the 100 hourly simple moving average. Any more gains could send the price towards the $2,800 resistance zone in the near term.
More Downsides in ETH?
If ethereum fails to start a fresh increase above the $2,650 level, it could extend decline. An initial support on the downside is near the $2,510 level.
The next major support is near the $2,500 level, below which the price might gain bearish momentum. In the stated case, ether price could even revisit the $2,400 support zone. Any more losses might call for a move towards the $2,300 level in the near term.
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 40 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.

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