Ethereum failed to break through $2,780 and fell against the US Dollar. To begin a new increase in the short term, the price of ETH must remain above $2,570.
Ethereum struggled to break through the $2,780 barrier and lost ground.
The price has dropped below $2,650 and is now trading below the 100 hourly simple moving average.
On the hourly chart of ETH/USD, there was a breach below a significant bullish trend line with support near $2,660. (data feed via Kraken).
If the pair fails to stay above $2,570 and $2,550, it may continue to fall.
The price of Ethereum has dropped
Ethereum’s price has dropped from its recent high of $2,700. Even though ETH broke through the $2,750 resistance level, it ran into stiff resistance near $2,780.
A high was set near $2,775 and the price began to decline to the downside. Below the $2,700 and $2,650 marks, there was a break. The price of ether fell below $2,650, as well as the 100 hourly simple moving average. The price fell below the 50% Fib retracement level of the upward run from the swing low of $2,445 to the high of $2,775 dollars.
On the hourly chart of ETH/USD, there was also a breach below a significant bullish trend line with support near $2,660. The pair is now edging closer to the $2,570 support level. The upward run from the swing low of $2,445 to the high of $2,775 is nearing the 61.8 percent Fib retracement level.
If the price of ether remains above the $2,570 support level, it may begin a new upward trend. On the upside, an initial resistance zone is located near $2,620.
Near the $2,650 level and the 100 hourly simple moving average, the first substantial resistance is spotted. The next big resistance mark is near $2,780, above which the price may move higher. In the aforementioned scenario, the price might jump to $2,880.
Is There Going to Be More ETH Losses?
If ethereum does not begin a new upward trend over $2,650, it may continue to decline. On the downside, $2,570 serves as an initial support level.
Near the $2,550 level, the next big support is found. If the price closes below the $2,570 and $2,550 support levels, the price may fall much deeper. In the above scenario, the cost might rise to $2,445.
Indicators of Technical Excellence
The MACD for ETH/USD is presently moving into the bearish zone on an hourly basis.
RSI on an hourly basis — The RSI for ETH/USD is now below 50.
$2,570 – Major Support Level
$2,650 is the major resistance level.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.