{"id":1543,"date":"2024-08-28T04:18:52","date_gmt":"2024-08-28T04:18:52","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1543"},"modified":"2024-08-28T04:18:52","modified_gmt":"2024-08-28T04:18:52","slug":"ethereum-price-dives-is-bearish-control-on-the-horizon","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1543","title":{"rendered":"Ethereum Price Dives: Is Bearish Control on the Horizon?"},"content":{"rendered":"

Ethereum price declined heavily and traded below $2,550. ETH could start another increase if it stays above the $2,400 support zone.<\/em><\/p>\n

Ethereum started a major decline below the $2,650 and $2,550 levels.
\nThe price is trading below $2,550 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $2,575 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a recovery wave if it stays above the $2,400 level.<\/p>\n

Ethereum Price Dives 10%<\/h2>\n

Ethereum price failed to recover and extended its decline below the $2,650 level. ETH traded below the $2,550 and $2,500 support levels like Bitcoin<\/a>. It even spiked below the $2,400 level.<\/p>\n

A low was formed at $2,394 and the price is now consolidating losses. There was a minor recovery wave above the $2,420 and $2,440 levels. It traded close to the 23.6% Fib retracement level of the downward move from the $2,820 swing high to the $2,394 low.<\/p>\n

Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average<\/a>. If there is a recovery wave, the price could face resistance near the $2,500 level.<\/p>\n

The first major resistance is near the $2,550 level. There is also a key bearish trend line forming with resistance at $2,575 on the hourly chart of ETH\/USD. A close above the $2,550 level might send Ether toward the $2,600 resistance or the 50% Fib retracement level of the downward move from the $2,820 swing high to the $2,394 low.<\/p>\n

<\/a><\/p>\n

The next key resistance is near $2,660. An upside break above the $2,660 resistance might send the price higher toward the $2,880 resistance zone in the near term.<\/p>\n

More Downsides In ETH?<\/h2>\n

If Ethereum fails to clear the $2,500 resistance, it could continue to move down. Initial support on the downside is near $2,420. The first major support sits near the $2,400 zone.<\/p>\n

A clear move below the $2,400 support might push the price toward $2,350 where the bulls could emerge. Any more losses might send the price toward the $2,220 support level in the near term. The next key support sits at $2,150.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n

Major Support Level \u2013 $2,400<\/p>\n

Major Resistance Level \u2013 $2,550<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price declined heavily and traded below $2,550. ETH could start another increase if it stays above the $2,400 support zone. Ethereum started a major decline below the $2,650 and $2,550 levels. The price is trading below $2,550 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at […]<\/p>\n","protected":false},"author":0,"featured_media":1544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1543"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1543"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1544"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}