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The Cryptonomics™ > Consulting > Ethereum Worth Plunges Over 5%, Can Bears Push ETH Below $2,800?
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Ethereum Worth Plunges Over 5%, Can Bears Push ETH Below $2,800?

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Last updated: May 1, 2024 3:26 pm
admin Published May 1, 2024
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Ethereum Worth Plunges Over 5%, Can Bears Push ETH Below ,800?


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Ethereum Worth Dives Once moreExtra Downsides In ETH?

Ethereum worth began one other decline and traded under $3,000. ETH should keep above the $2,800 and $2,850 help ranges to keep away from a serious drop.

  • Ethereum began one other decline and examined the $2,900 zone.
  • The value is buying and selling under $3,120 and the 100-hourly Easy Shifting Common.
  • There’s a connecting bearish pattern line forming with resistance at $3,120 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
  • The pair might proceed to maneuver down if it settles under the $2,850 help.

Ethereum Worth Dives Once more

Ethereum worth struggled to achieve tempo for a transfer above the $3,250 degree and began one other decline, like Bitcoin. ETH traded under the $3,120 degree. The bears even pushed the worth under the $3,000 degree.

A low was shaped at $2,916 and the worth is now consolidating. There was a minor improve above the $3,000 degree. The value examined the 23.6% Fib retracement degree of the downward transfer from the $3,356 swing excessive to the $2,916 low. Nevertheless, the bears had been lively close to the $3,000 and $3,020 ranges.

Ethereum is now buying and selling under $3,120 and the 100-hourly Easy Shifting Common. Instant resistance is close to the $3,020 degree. The primary main resistance is close to the $3,120 degree and the 100-hourly Easy Shifting Common.

There’s additionally a connecting bearish pattern line forming with resistance at $3,120 on the hourly chart of ETH/USD. The pattern line is near the 50% Fib retracement degree of the downward transfer from the $3,356 swing excessive to the $2,916 low.

Supply: ETHUSD on TradingView.com

The subsequent key resistance sits at $3,185, above which the worth would possibly achieve traction and rise towards the $3,250 degree. An in depth above the $3,250 resistance might ship the worth towards the $3,350 resistance. If there’s a transfer above the $3,350 resistance, Ethereum might even check the $3,500 resistance. Any extra good points might ship Ether towards the $3,620 resistance zone.

Extra Downsides In ETH?

If Ethereum fails to clear the $3,120 resistance, it might proceed to maneuver down. Preliminary help on the draw back is close to the $2,940 degree and the channel zone. The primary main help is close to the $2,850 zone.

The principle help is close to the $2,800 degree. A transparent transfer under the $2,800 help would possibly push the worth towards $2,650. Any extra losses would possibly ship the worth towards the $2,540 degree within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bearish zone.

Hourly RSI – The RSI for ETH/USD is now under the 50 degree.

Main Help Stage – $2,940

Main Resistance Stage – $3,120

Disclaimer: The article is supplied for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site solely at your personal threat.

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