Article Summary
Ethereum (ETH) has experienced a fresh decline, dropping below the $2,600 support level after failing to recover from recent losses. The cryptocurrency is now trading below $2,580 and the 100-hourly Simple Moving Average, with potential for further downside if it breaches the $2,470 support zone. Despite a brief break above a bearish trend line, ETH faces resistance at $2,620, with bulls needing to regain momentum to push the price higher. This price movement is critical for traders and investors monitoring Ethereum’s short-term market dynamics.
What This Means for You
- Monitor Key Support Levels: Keep an eye on the $2,470 support zone, as a break below could signal further declines.
- Resistance Levels to Watch: A move above $2,620 could indicate a potential bullish reversal, offering a buying opportunity.
- Risk Management: Use stop-loss orders to protect your investments in case of unexpected price drops.
- Future Outlook: Ethereum’s price action remains volatile, so stay informed about market trends and technical indicators.
Ethereum Price Stabilizes After Drop — Can Bulls Regain Control?
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Ethereum price started a fresh decline from the $2,620 resistance zone. ETH is now trading below $2,580 and might continue to move down.
- Ethereum started a downside correction below the $2,600 level.
- The price is trading below $2,600 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend losses if it trades below the $2,470 support zone in the near term.
Ethereum Price Dips Again
Ethereum price started a fresh decline from the $2,650 support zone, like Bitcoin. ETH price failed to recover losses and extended its decline below the $2,600 level.
The price even declined below the $2,550 level. A low was formed at $2,470 and the price is now consolidating losses. There was a move above the $2,500 level. Besides, there was a break above a key bearish trend line with resistance at $2,500 on the hourly chart of ETH/USD.
The price tested the 23.6% Fib retracement level of the downward move from the $2,787 swing high to the $2,470 low. Ethereum price is now trading below $2,600 and the 100-hourly Simple Moving Average.
On the upside, the price could face resistance near the $2,550 level. The next key resistance is near the $2,600 level. The first major resistance is near the $2,620 level. It is near the 50% Fib retracement level of the downward move from the $2,787 swing high to the $2,470 low. A clear move above the $2,620 resistance might send the price toward the $2,720 resistance.
An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone or even $2,880 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $2,600 resistance, it could start a fresh decline. Initial support on the downside is near the $2,500 level. The first major support sits near the $2,470 zone.
A clear move below the $2,470 support might push the price toward the $2,420 support. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,320.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,470
Major Resistance Level – $2,600
People Also Ask About
- What caused Ethereum’s recent price drop? Ethereum’s price decline was driven by a failure to break the $2,620 resistance level and broader market volatility.
- What are the key support levels for Ethereum? Key support levels include $2,470, $2,420, and $2,350, which could act as critical zones for price stabilization.
- Can Ethereum recover from this decline? Recovery depends on whether ETH can break above the $2,620 resistance level and regain bullish momentum.
- How does Bitcoin’s price affect Ethereum? Bitcoin’s price movements often influence Ethereum and other altcoins due to their correlation in the crypto market.
Expert Opinion
Ethereum’s current price action highlights the importance of monitoring key technical levels and market sentiment. While the $2,470 support zone is critical, a break below could lead to further declines. However, a successful push above $2,620 could reignite bullish momentum, making this a pivotal moment for ETH traders and investors.
Key Terms
- Ethereum price analysis
- ETH support and resistance levels
- Cryptocurrency market trends
- Technical indicators for Ethereum
- Ethereum price prediction 2024
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