Ethereum on a Bearish Run – What Could Push ETH/USD to $2300?
From the $2,700 level, Ethereum began a significant decline against the US dollar. ETH has dropped below $2,550 and may continue to fall
From the $2,700 level, Ethereum began a significant decline against the US dollar. ETH has dropped below $2,550 and may continue to fall below the $2,420 support level. After failing to surpass $2,700, ETHEREUM began a precipitous decline.
The price has dropped below $2,550 and the 100 hourly SMA (SMA simple( moving average). On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $2,490.
If the pair falls below the $2,420 support level, it could fall even further.
The Price of Ethereum has Dropped
Ethereum has struggled to break through the $2,700 resistance level. ETH reached a high near $2,700 before beginning a new decline. The price fell sharply below $2,620 and $2,550.
The bears even drove the price down below $2,500 and the 100 hourly simple moving average. The price has formed a low near $2,422, and it is now consolidating losses. On the upside, an initial resistance level is seen near $2,485 USD.
On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $2,490. The trend line is close to the 23.6 percent Fib retracement level of the recent decline from the swing high of $2,703 to the low of $2,422.
The first significant resistance is located near the $2,565 level. It is close to the 50% Fib retracement level of the recent drop from the $2,703 swing high to the $2,422 low. The primary breakout zone is now near $2,650 and the 100 hourly simple moving average.
A close above $2,650 could pave the way for a significant increase. In the scenario described, the price of ether could rise to the $2,700 resistance level.
More ETH Losses?
If Ethereum fails to break through the $2,565 resistance level, it may continue to fall. On the downside, initial support is near $2,420.
The next major support is around $2,400. If the price of ether falls below $2,400 and the recent low, it may accelerate lower. In this case, it may even fall below the $2,350 mark. Good luck!
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