NewsBTC
7 hour ago
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BEARISH 📉 : Ethereum drops 20%, struggles to hold $2,200 support level

Ethereum Price Decline

  • Ethereum's price declined by 20% after failing to hold above $2,550.
  • The price is currently below $2,400 and the 100-hourly Simple Moving Average.
  • A bearish trend line forms resistance at $2,415 on the ETH/USD hourly chart (Kraken data).
  • If Ethereum remains above the $2,200 zone, a fresh increase could occur.

Technical Overview

  • ETH traded below $2,250, forming a low at $2,220.
  • The current trading range is below the 23.6% Fib retracement level from a $3,040 high to a $2,220 low.
  • Immediate resistance levels are at $2,350, $2,420, and potentially $2,500.
  • An upside breakout above $2,620 could lead to further gains toward $2,800 or even $2,880.

Ethereum Price

Potential for Further Losses

  • If Ethereum fails to surpass $2,420, a new decline may begin.
  • Initial support is near $2,220, with major support at $2,200.
  • A drop below $2,200 could lead to further declines toward $2,120 or $2,050.
  • Main support is at $2,000.

Technical Indicators

  • Hourly MACD: Bearish momentum.
  • Hourly RSI: Below 50.
  • Major Support Level: $2,200.
  • Major Resistance Level: $2,420.