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Ethereum Takes Hit, Why ETH Could Plunge Below $2,700

Ethereum started a major decline from the $2,970 zone against the US Dollar. ETH dived below $2,800 and might accelerate lower below the $2,700 support.

Ethereum started a major decline after it failed to surpass $2,970.
The price is now trading below $2,800 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further if there is a close below the $2,700 support zone.

Ethereum Price Dives
Ethereum struggled to settle above the $2,950 resistance. ETH topped near the $2,970 level and started a fresh decline. There was a sharp move below the $2,900 and $2,850 levels.
Besides, there was a break below a key bullish trend line with support near $2,900 on the hourly chart of ETH/USD. Ether price declined below the $2,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $2,720 support level.
A low was formed near $2,678 and the price corrected a few points. There was a recovery wave above the $2,720 level. The price even climbed above the 23.6% Fib retracement level of the recent decline from the $2,969 swing high to $2,678 low.
On the upside, an initial resistance is seen near the $2,760 level. The first major resistance is near the $2,820 level. It is near the 50% Fib retracement level of the recent decline from the $2,969 swing high to $2,678 low. The main breakout zone is now near the $2,875 level.

Source: ETHUSD on TradingView.com
A close above the $2,875 level could open the doors for a decent increase, In the stated case, ether price might rise towards the $3,000 resistance.
More Losses in ETH?
If ethereum fails to gain pace above the $2,760 resistance, it could continue to move down. An initial support on the downside is near the $2,720 zone.
The next major support is near the $2,680 level. If there is a downside break below $2,680 and the recent low, ether price might accelerate lower. In this case, it could even decline below the $2,600 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $2,680
Major Resistance Level – $2,760

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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