Ethereum Price Tumbles Hard, Bears Tighten Grip On | Crypto News
Ethereum price began a contemporary decline and traded below $2,050. ETH is now consolidating below $2,150 and may battle to get well.
- Ethereum began a draw back extension below the $2,150 zone.
- The price is trading below $2,150 and the 100-hourly Simple Moving Average.
- There is a connecting development line forming with assist at $2,050 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might continue to transfer down if it stays below the $2,150 zone.
Ethereum Price Extends Losses
Ethereum price failed to stay steady above $2,220 and began a draw back correction, like Bitcoin. ETH price dipped below the $2,200 and $2,150 ranges.
The price even traded below $2,050. A low was fashioned at $1,914 on Kraken, and the price is now consolidating losses. There was a recovery wave above the 50% Fib retracement degree of the downward transfer from the $2,197 swing high to the $1,914 low.
Ethereum price is now trading below $2,150 and the 100-hourly Simple Moving Average. Besides, there’s a connecting development line forming with assist at $2,050 on the hourly chart of ETH/USD.
If the bulls stay in motion above $2,050, the price might attempt another increase. Immediate resistance is seen close to the $2,130 degree. The first key resistance is close to the $2,150 degree or the 76.4% Fib retracement degree of the downward transfer from the $2,197 swing high to the $1,914 low.
The next major resistance is close to the $2,200 degree. A clear transfer above the $2,200 resistance may ship the price toward the $2,250 resistance. An upside break above the $2,250 area may call for more features in the approaching days. In the acknowledged case, Ether might rise toward the $2,300 resistance zone or even $2,320 in the close to time period.
Another Drop In ETH?
If Ethereum fails to clear the $2,150 resistance, it might start a contemporary decline. Initial assist on the draw back is close to the $2,085 degree. The first major assist sits close to the $2,050 zone.
A clear transfer below the $2,050 assist may push the price toward the $2,000 assist. Any more losses may ship the price toward the $1,920 area. The main assist might be $1,880.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $2,050
Major Resistance Level – $2,150
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