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Wednesday, February 21, 2024

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Ethereum Slides Below 3K, Why Bears Could Aim $2.5K

Ethereum started a fresh decline from the $3,080 resistance against the US Dollar. ETH price traded below the key $3,000 support and even declined below $2,920.

Ethereum failed to clear $3,080 and started a fresh decline.
The price is now trading below $3,000 and the 100 hourly simple moving average.
There was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover, but upsides might be capped near the $2,950 level.

Ethereum Price Breaks Key Support
Ethereum attempted a fresh increase above the $3,050 level and the 100 hourly simple moving average. However, ETH failed to gain strength above the $3,080 level.
A high was formed near $3,082 and the price started a fresh decline. There was a clear move below the $3,050 support level and the 100 hourly simple moving average. Besides, there was a break below a key rising channel with support near $3,030 on the hourly chart of ETH/USD.
The pair traded below the $3,000 support zone. More importantly, there was a move below the $2,920 support. A low is formed near $2,896 and ether is now consolidating losses.
On the upside, an initial resistance is seen near the $2,940 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,082 swing high to $2,896 low. The next major resistance is near the $2,980 and $3,000 levels.
Ethereum Price
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent decline from the $3,082 swing high to $2,896 low is also near the $2,990 level. A close above the $3,000 level and the 100 hourly simple moving average might start a decent recovery wave. The next major resistance could be near the $3,050.
More Losses in ETH?
If ethereum fails to start a recovery wave above the $3,000 level, it could continue to move down. An initial support on the downside is near the $2,900 zone.
The next major support is near the $2,850 level. If there is a downside break below the $2,850 support, the price could start another decline. In this scenario, there is a risk of a move towards the $2,780 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 now below the 30 level.
Major Support Level – $2,900
Major Resistance Level – $3,000

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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