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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
Ethereum

TA: Ethereum Tumbles To $2.2K, Can The Bears Push ETH To $2K

Aayush Jindal by Aayush Jindal
9 months ago
in All
Reading Time: 2 mins read
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Ethereum extended losses below the $2,500 level against the US Dollar. ETH even tested the $2,200 support and remains at a risk of more losses.

  • Ethereum remained in a bearish zone and declined below $2,300.
  • The price is now trading below $2,400 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but the bears might remain active near $2,400.

Ethereum Price Dives 10%

Ethereum remained in a bearish zone below the $2,500 pivot level. ETH traded below the $2,400 and $2,350 levels to move further into a bearish zone.

The price declined below the $2,300 level and settled below the 100 hourly simple moving average. Finally, ether tested the $2,200 support zone. A low is formed near $2,200 and the price is correcting losses. There was a move above the 23.6% Fib retracement level of the recent drop from the $2,569 swing high to $2,200 low. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

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On the upside, an initial resistance is seen near the $2,350 level. The first major resistance is near the $2,380 level. There is also a major bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance is now forming near the $2,400 level. It is near the 50% Fib retracement level of the recent drop from the $2,569 swing high to $2,200 low. A close above the $2,400 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,550 resistance or the 100 hourly simple moving average.

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More Losses in ETH?

If ethereum fails to recover above the $2,400 resistance, it could continue to move down. An initial support on the downside is near the $2,250 zone.

The next major support is near the $2,220 level. The main breakdown support now sits near the $2,200 level. If there is a downside break below $2,200 and the recent low, ether price might accelerate lower. In this case, it could even decline towards the $2,080 level. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now moving in the bullish zone.

Hourly RSI – The RSI for ETH/USD is correcting losses and is near the 40 level.

Major Support Level – $2,200

Major Resistance Level – $2,400

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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