{"id":29879,"date":"2024-12-20T03:18:10","date_gmt":"2024-12-20T03:18:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29879"},"modified":"2024-12-20T03:18:10","modified_gmt":"2024-12-20T03:18:10","slug":"ethereum-price-takes-a-plunge-can-bulls-step-in","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29879","title":{"rendered":"Ethereum Price Takes a Plunge: Can Bulls Step In?"},"content":{"rendered":"

Ethereum price extended losses and dropped below the $3,680 zone. ETH is down over 7% and is showing bearish signs below the $3,550 level.<\/em><\/p>\n

Ethereum started a fresh decline below the $3,680 zone.
\nThe price is trading below $3,550 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $3,650 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move down if it fails to stay above the $3,650 support zone.<\/p>\n

Ethereum Price Drops Below $3,650<\/h2>\n

Ethereum price struggled to start a fresh increase above the $3,680 level and extended losses like Bitcoin<\/a>. ETH gained bearish momentum below the $3,650 level and dived below $3,600.<\/p>\n

It even dived below $3,550 and spiked below the $3,420 level. A low was formed at $3,324 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance at $3,650 on the hourly chart of ETH\/USD.<\/p>\n

Ethereum price is now trading below $3,550 and the 100-hourly Simple Moving Average<\/a>. On the upside, the price seems to be facing hurdles near the $3,510 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,105 swing high to the $3,324 low.<\/p>\n

The first major resistance is near the $3,650 level. There is also a key bearish trend line forming with resistance at $3,650 on the hourly chart of ETH\/USD.<\/p>\n

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

The main resistance is now forming near $3,715 or the 50% Fib retracement level of the downward move from the $4,105 swing high to the $3,324 low. A clear move above the $3,715 resistance might send the price toward the $3,800 resistance. An upside break above the $3,800 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,880 resistance zone or even $4,000.<\/p>\n

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

If Ethereum fails to clear the $3,650 resistance, it could continue to move down. Initial support on the downside is near the $3,350 level. The first major support sits near the $3,320 zone.<\/p>\n

A clear move below the $3,320 support might push the price toward the $3,250 support. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.<\/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 $3,320<\/p>\n

Major Resistance Level \u2013 $3,650<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price extended losses and dropped below the $3,680 zone. ETH is down over 7% and is showing bearish signs below the $3,550 level. Ethereum started a fresh decline below the $3,680 zone. The price is trading below $3,550 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":29880,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29879","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\/29879"}],"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=29879"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29880"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}