Ethereum Takes Hit, Why ETH Could Plunge Below $2,700

Ethereum started a major decline from the $2,970 zone against the US Dollar. ETH dived below $2,800 and might accelerate lower below the $2,700 support.

Ethereum started a major decline after it failed to surpass $2,970.
The price is now trading below $2,800 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further if there is a close below the $2,700 support zone.

Ethereum Price Dives
Ethereum struggled to settle above the $2,950 resistance. ETH topped near the $2,970 level and started a fresh decline. There was a sharp move below the $2,900 and $2,850 levels.
Besides, there was a break below a key bullish trend line with support near $2,900 on the hourly chart of ETH/USD. Ether price declined below the $2,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $2,720 support level.
A low was formed near $2,678 and the price corrected a few points. There was a recovery wave above the $2,720 level. The price even climbed above the 23.6% Fib retracement level of the recent decline from the $2,969 swing high to $2,678 low.
On the upside, an initial resistance is seen near the $2,760 level. The first major resistance is near the $2,820 level. It is near the 50% Fib retracement level of the recent decline from the $2,969 swing high to $2,678 low. The main breakout zone is now near the $2,875 level.

Source: ETHUSD on TradingView.com
A close above the $2,875 level could open the doors for a decent increase, In the stated case, ether price might rise towards the $3,000 resistance.
More Losses in ETH?
If ethereum fails to gain pace above the $2,760 resistance, it could continue to move down. An initial support on the downside is near the $2,720 zone.
The next major support is near the $2,680 level. If there is a downside break below $2,680 and the recent low, ether price might accelerate lower. In this case, it could even decline below the $2,600 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now moving in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $2,680
Major Resistance Level – $2,760

Avatar

Related Articles

Stay Connected

22,014FansLike
3,369FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 20,625.00
ethereum
Ethereum (ETH) $ 1,185.77
tether
Tether (USDT) $ 0.999266
usd-coin
USD Coin (USDC) $ 0.998962
bnb
BNB (BNB) $ 236.16
binance-usd
Binance USD (BUSD) $ 0.998561
xrp
XRP (XRP) $ 0.342106
cardano
Cardano (ADA) $ 0.479060
solana
Solana (SOL) $ 37.24
dogecoin
Dogecoin (DOGE) $ 0.068881
polkadot
Polkadot (DOT) $ 7.60
shiba-inu
Shiba Inu (SHIB) $ 0.000011
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.066403
avalanche-2
Avalanche (AVAX) $ 19.32
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 20,614.00
leo-token
LEO Token (LEO) $ 5.76
staked-ether
Lido Staked Ether (STETH) $ 1,140.42
matic-network
Polygon (MATIC) $ 0.521744
litecoin
Litecoin (LTC) $ 54.27
ftx-token
FTX (FTT) $ 26.50
crypto-com-chain
Cronos (CRO) $ 0.123658
okb
OKB (OKB) $ 12.16
chainlink
Chainlink (LINK) $ 6.59
stellar
Stellar (XLM) $ 0.116879
near
NEAR Protocol (NEAR) $ 3.56
uniswap
Uniswap (UNI) $ 5.11
cosmos
Cosmos Hub (ATOM) $ 7.77
algorand
Algorand (ALGO) $ 0.320600
ethereum-classic
Ethereum Classic (ETC) $ 16.04
monero
Monero (XMR) $ 118.78
bitcoin-cash
Bitcoin Cash (BCH) $ 108.99
theta-fuel
Theta Fuel (TFUEL) $ 0.052409
chain-2
Chain (XCN) $ 0.086244
flow
Flow (FLOW) $ 1.74
vechain
VeChain (VET) $ 0.024326
apecoin
ApeCoin (APE) $ 5.19
hedera-hashgraph
Hedera (HBAR) $ 0.068180
the-sandbox
The Sandbox (SAND) $ 1.13
tezos
Tezos (XTZ) $ 1.59
decentraland
Decentraland (MANA) $ 0.934989
internet-computer
Internet Computer (ICP) $ 5.62
frax
Frax (FRAX) $ 0.997499
theta-token
Theta Network (THETA) $ 1.31
axie-infinity
Axie Infinity (AXS) $ 15.50
filecoin
Filecoin (FIL) $ 5.66
elrond-erd-2
Elrond (EGLD) $ 55.03
true-usd
TrueUSD (TUSD) $ 0.997198
bitcoin-sv
Bitcoin SV (BSV) $ 58.40
helium
Helium (HNT) $ 10.54