{"id":30491,"date":"2024-12-23T03:28:16","date_gmt":"2024-12-23T03:28:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=30491"},"modified":"2024-12-23T03:28:16","modified_gmt":"2024-12-23T03:28:16","slug":"ethereum-price-back-in-the-red-a-deeper-drop-ahead","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=30491","title":{"rendered":"Ethereum Price Back In The Red: A Deeper Drop Ahead?"},"content":{"rendered":"

Ethereum price extended losses and dropped below the $3,550 zone. ETH is showing bearish signs and might decline further below the $3,150 level.<\/em><\/p>\n

Ethereum started a fresh decline below the $3,550 zone.
\nThe price is trading below $3,500 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance at $3,420 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 $3,550 support zone.<\/p>\n

Ethereum Price Drops Below $3,550<\/h2>\n

Ethereum price struggled to start a fresh increase above the $3,550 level and extended losses like Bitcoin<\/a>. ETH gained bearish momentum below the $3,450 level and traded below $3,300.<\/p>\n

It even dived below $3,220 and spiked below the $3,120 level. A low was formed at $3,100 and the price is now consolidating losses<\/a>. There was a close below the 50% Fib retracement level of the recovery wave from the $3,100 swing low to the $3,553 high.<\/p>\n

Ethereum price is now trading below $3,500 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $3,420 on the hourly chart of ETH\/USD.<\/p>\n

The pair is now testing the 76.4% Fib retracement level of the recovery wave from the $3,100 swing low to the $3,553 high. On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,400 level.<\/p>\n

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

The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650.<\/p>\n

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

If Ethereum fails to clear the $3,420 resistance, it could continue to move down. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,120 zone.<\/p>\n

A clear move below the $3,120 support might push the price toward the $3,050 support. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits at $2,880.<\/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 $3,120<\/p>\n

Major Resistance Level \u2013 $3,420<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price extended losses and dropped below the $3,550 zone. ETH is showing bearish signs and might decline further below the $3,150 level. Ethereum started a fresh decline below the $3,550 zone. The price is trading below $3,500 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":30492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-30491","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\/30491"}],"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=30491"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/30492"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}