{"id":2680,"date":"2024-09-02T03:58:58","date_gmt":"2024-09-02T03:58:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2680"},"modified":"2024-09-02T03:58:58","modified_gmt":"2024-09-02T03:58:58","slug":"ethereum-price-eyes-downside-thrust-will-it-slip-further","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2680","title":{"rendered":"Ethereum Price Eyes Downside Thrust: Will It Slip Further?"},"content":{"rendered":"

Ethereum price started another decline below the $2,550 support. ETH could dive toward the $2,250 support zone before the bulls emerge.<\/em><\/p>\n

Ethereum started a fresh decline below the $2,550 level.
\nThe price is trading below $2,500 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance at $2,500 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair must stay above $2,400 to start another increase in the near term.<\/p>\n

Ethereum Price Extends Losses<\/h2>\n

Ethereum price failed to stay above the $2,620 support and extended losses. ETH traded below the $2,550 and $2,500 support levels like Bitcoin<\/a>. It even tested the $2,400 support.<\/p>\n

A low was formed near $2,401 and the price is now attempting a recovery wave. There was a move above the $2,420 level. The price is testing the 23.6% Fib retracement level of the downward wave from the $2,596 swing high to the $2,401 low.<\/p>\n

Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average<\/a>. There is also a connecting bearish trend line forming with resistance at $2,500 on the hourly chart of ETH\/USD.<\/p>\n

On the upside, the price seems to be facing hurdles near the $2,500 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the downward wave from the $2,596 swing high to the $2,401 low.<\/p>\n

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

The first major resistance is near the $2,550 level. A close above the $2,550 level might send Ether toward the $2,620 resistance. The next key resistance is near $2,660. An upside break above the $2,660 resistance might send the price higher toward the $2,800 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 start another decline. 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 $2,320 where the bulls could emerge. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,110.<\/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 $2,500<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price started another decline below the $2,550 support. ETH could dive toward the $2,250 support zone before the bulls emerge. Ethereum started a fresh decline below the $2,550 level. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,500 on […]<\/p>\n","protected":false},"author":0,"featured_media":2681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2680","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\/2680"}],"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=2680"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2681"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}