By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BlockscrollBlockscroll
Notification Show More
Latest News
Alameda Files Lawsuit to Recoup $446 Million in Cryptocurrency paid to Voyager
Alameda Files Lawsuit to Recoup $446 Million in Cryptocurrency Paid to Voyager
Crypto
OpenSea Expands NFT Category's Game Option
OpenSea Expands NFT Category’s Game Option
Blockchain NFT
Mastercard and Binance partnered to offer prepaid services in Brazil
Mastercard and Binance partnered to offer prepaid services in Brazil
Crypto
Bitcoin Soars to Record Heights with its Best January in Last 10 Years
Bitcoin Soars to Record Heights with its Best January in Last 10 Years
Bitcoin Crypto Ethereum
Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted
Nigerian Bitcoin Premium Reaches 60% as ATM Withdrawals are Restricted
Bitcoin
Aa
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
Reading: Why Ethereum (ETH) Key Indicators Suggest Fresh Drop Below $2K
Share
BlockscrollBlockscroll
Aa
Search
Have an existing account? Sign In
Follow US
  • Bitcoin
  • Blockchain
  • Ethereum
  • Contact Us
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Blockscroll > Ethereum > Why Ethereum (ETH) Key Indicators Suggest Fresh Drop Below $2K
Ethereum

Why Ethereum (ETH) Key Indicators Suggest Fresh Drop Below $2K

Rudolph Harmon
Last updated: 2022/11/19 at 11:57 AM
By Rudolph Harmon 2 years ago
Share
3 Min Read
Ethereum
SHARE

Ethereum failed to stay above $2,100 and it is now moving lower against the US Dollar. ETH price is likely to continue lower and it could even break $2,000.

Ethereum started a fresh decline from well above the $2,200 support zone.
The price is now trading below $2,100 and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $2,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline heavily if there is a break below the $2,000 support zone in the near term.

Ethereum Price Is Gaining Bearish Pace
After struggling to stay above $2,250, ethereum started a fresh decline. ETH broke the $2,200 and $2,150 support levels to move into a short-term bearish zone.
The price gained pace below the $2,150 level and it even broke $2,120. There was a break below the 23.6% Fib retracement level of the upward move from the $1,718 swing low to $2,289 high. There was also a break below a major bullish trend line with support near $2,100 on the hourly chart of ETH/USD.
The pair is now trading below $2,100 and the 100 hourly simple moving average. An immediate support on the downside is near the $2,050 level. The first major support is near the $2,000 level.

Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the upward move from the $1,718 swing low to $2,289 high is near the $2,000 level. If there is a clear break below $2,000, the price could decline heavily. In the stated case, the price could dive towards the $1,850 level. The next major support on the downside is near the $1,700 level.
Fresh Increase in ETH?
If Ethereum stays above the $2,050 support zone or $2,000, it could start a fresh increase. An immediate resistance on the upside is near the $2,120 level and the 100 hourly SMA.
The main breakout resistance is now forming near the $2,150 and $2,160 levels. A close above the $2,160 level could start a major increase towards the $2,250 level or even $2,320 in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Major Support Level – $2,000
Major Resistance Level – $2,150

You Might Also Like

Bitcoin Soars to Record Heights with its Best January in Last 10 Years

Crypto Price Update: Bitcoin and Ethereum Price Drops and Meme Coins Fall

$4.6 Billion in Ethereum Up in Flames 

Signature Bank, Binance’s Fiat Partner, Sets a Minimum Transaction Limit

Crypto Price Updates

Rudolph Harmon July 2, 2021
Share this Article
Facebook Twitter Email Print
Share
Rudolph Harmon
By Rudolph Harmon
Follow:
Rudolph is a crypto writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all.
Previous Article Bitcoin Bitcoin Price Reaches Key Support, Why BTC Could Start Fresh Increase
Next Article Cointelegraph Magazine Gajesh Naik, 13, manages a fortune in DeFi – Cointelegraph Magazine
BlockscrollBlockscroll
Follow US

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?