Ethereum Price Update: Kryptocurrency Suffers Major Decline
Indholdsfortegnelse
Ethereum Price Decline
Ethereum has seen a major decline in the last few days, similar to Bitcoin. The price dropped by more than 8% and broke the support zone of $2,200. Currently, the price is below $2,300 and the 100-hour Simple Moving Average. On the ETH/USD hourly chart, there was a breakthrough below a key upward trend line with support near $2,340. Ethereum even tested the $2,000 support and is currently attempting a recovery.
Current Situation
The recent price action of Ethereum indicates a significant downturn. After rising above the $2,300 mark, it formed a high at $2,401, followed by a significant downtrend, bringing Ethereum to a low of $1,980.
Recovery Attempt
Despite the sharp decline, the price of Ethereum is currently attempting a recovery wave. There was a movement above the levels of $2,150 and $2,180. The price climbed above the 50% Fibonacci retracement level of the downward movement from the swing high at $2,401 to the low at $1,980. However, the price is facing resistance near the $2,275 zone. The next major resistance is near the $2,300 mark or the 76.4% Fibonacci retracement level of the downward movement.
Future Outlook
There is uncertainty regarding Ethereum’s ability to overcome the $2,300 resistance. Failure to do so could lead to further decline. The next major support is at $2,120, followed by the main support at around $2,100. A breakthrough below $2,200 could trigger a prolonged downturn. Technical indicators also suggest a possible bearish trend, with the hourly MACD for ETH/USD gaining momentum in the bearish zone and the hourly RSI below the 30 mark.
Overall, Ethereum has experienced a significant decline, but there is still potential for a recovery. The development of ETH price in the coming days will be crucial to observe whether the cryptocurrency can sustainably rebound.
