Ethereum Price Extends Losses: Is The Downtrend Set to Continue?
02 October 2024 - 1:28PM
NEWSBTC
Ethereum price is gaining pace below the $2,550 resistance. ETH is
now trading above $2,500, but it might struggle to recover above
$2,550. Ethereum started a downside correction below the $2,550
zone. The price is trading below $2,520 and the 100-hourly Simple
Moving Average. There is a short-term consolidation pattern forming
with resistance at $2,500 on the hourly chart of ETH/USD (data feed
via Kraken). The pair must stay above the $2,420 support to start a
fresh increase in the near term. Ethereum Price Dives 5% Ethereum
price remained in a bearish zone and extended losses below the
$2,600 level. ETH traded below the $2,550 support to enter a
bearish zone like Bitcoin. There was also a move below the $2,500
level. A low was formed near $2,413 and the price is now
consolidating losses. There was a minor increase above the $2,450
level. The price climbed above the 23.6% Fib retracement level of
the downward move from the $2,655 swing high to the $2,413 low.
Ethereum price is now trading below $2,520 and the 100-hourly
Simple Moving Average. On the upside, the price seems to be facing
hurdles near the $2,520 level. There is also a short-term
consolidation pattern forming with resistance at $2,500 on the
hourly chart of ETH/USD. The first major resistance is near the
$2,535 level or the 50% Fib retracement level of the downward move
from the $2,655 swing high to the $2,413 low. The next key
resistance is near $2,550. An upside break above the $2,550
resistance might call for more gains in the coming sessions. In the
stated case, Ether could rise toward the $2,620 resistance zone in
the near term. The next hurdle sits near the $2,650 level or
$2,665. More Losses In ETH? If Ethereum fails to clear the $2,520
resistance, it could continue to move down. Initial support on the
downside is near the $2,440 level. The first major support sits
near the $2,420 zone. A clear move below the $2,420 support might
push the price toward $2,350. Any more losses might send the price
toward the $2,250 support level in the near term. The next key
support sits at $2,120. Technical Indicators Hourly MACD – The MACD
for ETH/USD is losing momentum in the bearish zone. Hourly RSI –
The RSI for ETH/USD is now below the 50 zone. Major Support Level –
$2,420 Major Resistance Level – $2,550
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