Why Are The Bears Still In Control of Ethereum?
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…
