Why Are The Bears Still In Control of Ethereum?
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Ethereum continued to fall below the $2,800 support level versus the US dollar. The price of Ethereum is correcting losses, although upsides may be restricted above $2,800.
Ethereum began a significant slide below the $2,880 support level.
The price is currently trading below $2,800 as well as the 100 hourly simple moving average.
On the hourly chart of ETH/USD, there was a break over a key negative trend line with resistance near $2,650. (data feed via Kraken).
The pair may rebound, but bears are likely to stay aggressive at $2,800 and $2,880.
Ethereum Price Extends Decline
Ethereum failed to hold above the $2,880 support level and fell further. ETH broke through the $2,750 support level and the 100 hourly simple moving average to enter a bearish zone.
The price fell below the $2,640 support level and went as low as $2,575. It is currently correcting higher and trading above $2,640. Furthermore, on the hourly chart of ETH/USD, there was a break above a strong negative trend line with resistance above $2,650.
The price of ether has just surpassed the 23.6 percent Fib retracement level of the crucial slide from the $3,188 swing high to the $2,575 low. On the upside, an immediate barrier is at the $2,755 level.
The next significant barrier is between $2,800 and the 100 hourly simple moving average. A decisive break over $2,800 might drive the price as high as $2,880. The important retracement level of the main slide from the $3,188 swing high to the $2,575 low is also close to the $2,880 resistance zone.
A good closing over $2,880 might kick-start a sustained rise. In the aforementioned scenario, the price might grow to $3,000 or higher (a major barrier for the bulls).
Fresh Decline in ETH?
If ethereum does not begin a rebound wave over $2,800, it may begin another drop. On the downside, an initial support level is near $2,710.
The next big support is at $2,650. A breach below $2,650 on the downside might trigger another significant fall. The next significant support level is at $2,580. Any more losses may necessitate a move towards $2,450 in the short future.
Indicators of Technical Performance
Hourly MACD — The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI — The RSI for ETH/USD is now above the 50 level.
Major Support Level — $2,650
Major Resistance Level — $2,800
