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Ethereum Price Sinks To $2,800, Raising Fresh Downside Fears

Ethereum worth prolonged losses and traded beneath the $2,865 zone. ETH is now consolidating losses and may purpose for a restoration if it clears $2,920.

  • Ethereum remained in a bearish zone and traded beneath $2,950.
  • The worth is buying and selling beneath $2,900 and the 100-hourly Simple Moving Average.
  • There is a bearish pattern line forming with resistance at $2,920 on the hourly chart of ETH/USD (information feed by way of Kraken).
  • The pair might begin a recent improve if it stays above the $2,800 zone.

Ethereum Price Dips Further

Ethereum worth failed to stay secure above $2,950 and prolonged losses, like Bitcoin. ETH worth declined beneath $2,880 and $2,865 to enter a bearish zone.

The bears even pushed the worth beneath $2,840. The worth lastly examined $2,800 and is at present consolidating losses. There was a minor upside above the 23.6% Fib retracement stage of the downward wave from the $3,067 swing high to the $2,784 swing low.

Ethereum worth is now buying and selling beneath $2,900 and the 100-hourly Simple Moving Average. If the bulls can shield extra losses beneath $2,800, the worth might try one other improve.

Immediate resistance is seen close to the $2,920 stage. There can also be a bearish pattern line forming with resistance at $2,920 on the hourly chart of ETH/USD. The first key resistance is close to the $2,960 stage or the 61.8% Fib retracement stage of the downward wave from the $3,067 swing high to the $2,784 swing low. The subsequent main resistance is close to the $3,000 stage. A transparent transfer above the $3,000 resistance may ship the worth towards the $3,065 resistance.

An upside break above the $3,065 area may name for extra beneficial properties within the coming days. In the said case, Ether might rise towards the $3,120 resistance zone and even $3,150 within the close to time period.

More Losses In ETH?

If Ethereum fails to clear the $2,920 resistance, it might begin a recent decline. Initial help on the draw back is close to the $2,840 stage. The first main help sits close to the $2,800 zone.

A transparent transfer beneath the $2,800 help may push the worth towards the $2,780 help. Any extra losses may ship the worth towards the $2,720 area. The essential help might be $2,650.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now beneath the 50 zone.

Major Support Level – $2,800

Major Resistance Level – $2,920

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