Thursday, March 28, 2024
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    TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K

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    Ethereum started a major decline from the $2,700 zone against the US Dollar. ETH dived below $2,550 and might accelerate lower below the $2,420 support.

    Ethereum started a major decline after it failed to surpass $2,700.
    The price is now trading below $2,550 and the 100 hourly simple moving average.
    There is a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could decline further if there is a close below the $2,420 support zone.

    Ethereum Price Takes Hit
    Ethereum struggled to settle above the $2,700 resistance. ETH topped near the $2,700 level and started a fresh decline. There was a sharp move below the $2,620 and $2,550 levels.

    The bears even pushed the price below the $2,500 level and the 100 hourly simple moving average. A low is formed near $2,422 and the price is now consolidating losses. On the upside, an initial resistance is seen near the $2,485 level.

    There is also a key bearish trend line forming with resistance near $2,490 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low.

    The first major resistance is near the $2,565 level. It is near the 50% Fib retracement level of the recent decline from the $2,703 swing high to $2,422 low. The main breakout zone is now near the $2,650 level and the 100 hourly simple moving average.

    Source: ETHUSD on TradingView.com
    A close above the $2,650 level could open the doors for a decent increase. In the stated case, ether price might rise towards the $2,700 resistance.

    More Losses in ETH?
    If ethereum fails to gain pace above the $2,565 resistance, it could continue to move down. An initial support on the downside is near the $2,420 zone.

    The next major support is near the $2,400 level. If there is a downside break below $2,400 and the recent low, ether price might accelerate lower. In this case, it could even decline below the $2,350 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 – $2,400

    Major Resistance Level – $2,565

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