Ethereum Price Tanks 25%: What’s Next After the Major Decline?

Share This Post

Ethereum price started a fresh decline below the $3,000 zone. ETH is down over 25% and the bears seem to be in control below $2,770.

  • Ethereum started a fresh decline below the $3,000 support zone.
  • The price is trading below $2,800 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a recovery wave if it stays above the $2,200 level.

Ethereum Price Nosedives

Ethereum price started a major decline below the $3,000 level, underperforming Bitcoin. ETH declined below the $2,800 and $2,650 levels to enter a bearish zone.

There was a clear move below the $2,500 level. The price declined over 25% and tested the $2,120 zone. A low was formed at $2,127 and the price is now consolidating losses. There was a minor increase above the $2,300 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $3,403 wing high to the $2,127 swing low.

Ethereum price is now trading below $2,800 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,650 level. The first major resistance is near the $2,770 level or the 50% Fib retracement level of the downward move from the $3,403 wing high to the $2,127 swing low.

The main resistance is now forming near $2,900. There is also a key bearish trend line forming with resistance at $2,900 on the hourly chart of ETH/USD. A clear move above the $2,900 resistance might send the price toward the $3,000 resistance.

Ethereum Price

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,150 resistance zone or even $3,250 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,600 resistance, it could start another decline. Initial support on the downside is near the $2,320 level. The first major support sits near the $2,250.

A clear move below the $2,250 support might push the price toward the $2,120 support. Any more losses might send the price toward the $2,000 support level in the near term. The next key support sits at $1,880.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,200

Major Resistance Level – $2,600

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Cardano (ADA) Price Prediction for March 16

The post Cardano (ADA) Price Prediction for March 16 appeared first on Coinpedia Fintech News As the weekend approaches, the overall cryptocurrency market has begun to recover, showing signs of an

UK FCA’s Finprom Rules 1 Year Later: How to Kill an Industry in One Easy Step

As a lawyer (not yours), I spend a good chunk of my time explaining to businesses why they need to pour half their budget into compliance instead of, you know, actually building something useful But

Ethereum Cost Basis Data Signals Strong Support At $1,886 – Details

The Ethereum (ETH) market has experienced some recent good fortunes rising by over 5% in the past 24 hours Despite this price gain, the prominent altcoin remains in a downtrend as indicated by its

Crypto Podcaster Busted in Vegas After $2M Scam—A Fugitive’s Last Gamble

A podcaster turned crypto conman swindled investors out of $2 million, using fake businesses and pop culture references before vanishing—until a Vegas arrest sealed his fate From Podcast Fame to

Bitcoin Halving Trends Indicate 150% Max Gains For Current Cycle – Details

In the usual style of the high market uncertainty and volatility associated with the current bull cycle, the price of Bitcoin (BTC) fell to around $77,000 in the past week before rising by over 10%

Top Altcoins to Watch Next Week: Pi Coin, Pepe and Binance Coin (BNB) Prices Aim for Resistance Breakouts

The post Top Altcoins to Watch Next Week: Pi Coin, Pepe and Binance Coin (BNB) Prices Aim for Resistance Breakouts appeared first on Coinpedia Fintech News This week, the crypto market failed to