Ethereum Dives Below $3K: What’s Next For The Crypto?
05 July 2024 - 1:28PM
NEWSBTC
Ethereum price remained in a bearish zone below $3,250 zone. ETH
dived below the $3,000 support and even tested the $2,850 zone.
Ethereum started a fresh decline below the $3,120 and $3,000
levels. The price is trading below $3,000 and the 100-hourly Simple
Moving Average. There is a key bearish trend line forming with
resistance near $3,000 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could correct losses, but upsides might be
limited above the $3,120 zone. Ethereum Price Dives 8% Ethereum
price failed to start a recovery wave above the $3,150 and $3,200
resistance levels. ETH started another decline below the $3,120
support zone like Bitcoin. There was a move below the $3,050 and
$3,000 support levels. The price declined 8% and even tested the
$2,850 support. A low was formed at $2,862 and the price is now
consolidating losses. The price is showing a lot of bearish signs
and trading well below the 23.6% Fib retracement level of the
downward move from the $3,425 swing high to the $2,860 low.
Ethereum is trading below $3,000 and the 100-hourly Simple Moving
Average. If there is a recovery wave, the price might face
resistance near the $2,960 level. The first major resistance is
near the $3,000 level. There is also a key bearish trend line
forming with resistance near $3,000 on the hourly chart of ETH/USD.
The next major hurdle is near the $3,120 level or the 50% Fib
retracement level of the downward move from the $3,425 swing high
to the $2,860 low. A close above the $3,120 level might send Ether
toward the $3,200 resistance. The next key resistance is near
$3,250. An upside break above the $3,250 resistance might send the
price higher toward the $3,350 resistance zone. More Losses In ETH?
If Ethereum fails to clear the $3,000 resistance, it could continue
to move down. Initial support on the downside is near $2,850. The
first major support sits near the $2,800 zone. A clear move below
the $2,800 support might push the price toward $2,720. Any more
losses might send the price toward the $2,650 level in the near
term. 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 – $2,850
Major Resistance Level – $3,000
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024