{"id":3249,"date":"2024-09-03T15:45:55","date_gmt":"2024-09-03T15:45:55","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3249"},"modified":"2024-09-03T15:45:55","modified_gmt":"2024-09-03T15:45:55","slug":"eth-takes-a-hit-whats-next-for-ethereum","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3249","title":{"rendered":"ETH Takes A Hit: What\u2019s Next For Ethereum?"},"content":{"rendered":"

The price of Ethereum<\/strong> has once again gone down and crossed the major support level of $2,550<\/strong>, below which the asset is seriously considered oversold. The market gurus are now pondering whether ETH can go even lower and test the $2,250<\/strong> low before buyers come in and lift the\u00a0token.<\/p>\n

Current Market\u00a0Overview<\/em><\/strong><\/p>\n

The Ethereum unpin from a recent high has ensued further, going south of $2,550<\/strong> and deep beneath $2,500<\/strong>. This latest decline has also made ETH drop below the 100-hour<\/strong> Simple Moving Average, meaning the market is bearish. A bearish trend line is also present while resistance has been detected at the $2,500<\/strong> mark on the ETH\/USD<\/strong> hourly\u00a0Chart.<\/p>\n

Ethereum needs to hold above $2,400<\/strong> for the next week or so to prevent further losses. Failing that, bears were likely to extend their downward move to the $2,250<\/strong> support\u00a0level.<\/p>\n

Current Market\u00a0Overview<\/em><\/strong><\/p>\n

Ethereum has begun a new downturn, the $2,550<\/strong> level has been breached and ETH is now trading below $2,500<\/strong>. This last decline has been detrimental to ETH which is now trading beneath the 100-hour<\/strong> Simple Moving Average, a clear sign that the market is bearish. A bearish trend line has also currently been drawn on the same ETH\/USD hourly chart with real resistance at the $2,500<\/strong>\u00a0level.<\/p>\n

However, for further downside elimination, Ethereum has to prevent the $2,400<\/strong> support level from being breached in the short term. To begin with, a deeper dive can be observed with the price sinking to the $2,250<\/strong> support\u00a0zone.<\/p>\n

Ethereum Price Extends\u00a0Losses<\/em><\/strong><\/p>\n

The price of Ethereum started to fall when it could not sustain at $2,620<\/strong>. This made ETH trade below $2,550<\/strong> and $2,500<\/strong> as it followed the same pattern as Bitcoin. The cryptocurrency even breached the $2,400<\/strong> support level before it made a feeble attempt at a\u00a0rebound.<\/p>\n

Today, Ethereum is under $2,500<\/strong> and the 100-hour<\/strong> Simple Moving Average and has a level of resistance at $2,500<\/strong>. The price is also for a very long time close to the 23-ether. From the $2,596<\/strong> high to the $2,401<\/strong> low, the BTC<\/strong> price has now bounced back to the 6%<\/strong> Fibonacci retracement level.<\/p>\n

On the flip side, bulls will find the area of $2,500<\/strong> and the 100-hour Simple Moving Average as the first level of resistance. Additional opposition might be expected in the area of the 50% Fibo retracement level with strong barriers seen at $2,550<\/strong>. If Ethereum will be able to remain above $2,550<\/strong> it might make its next stop at $2,620<\/strong> with further upward movement possibly towards $2,660<\/strong>. As such, ETH may test the $2,800<\/strong> resistance in the near term in case of a breakout above\u00a0$2,660<\/strong>.<\/p>\n

Possible Further\u00a0Decline?<\/em><\/strong><\/p>\n

However, if the Ethereum price does not go past the $2,500<\/strong> mark, a bearish trend will most likely occur soon. Some of the key resistances are placed around $2,470<\/strong> with initial support estimated to be around $2,420<\/strong> and the first strong support zone at\u00a0$2,400.<\/strong><\/p>\n

In case the Ethereum price retests the $2,400<\/strong> support level, the price may decline toward $2,320<\/strong> as some of the buyers flood the market to prevent additional declines. In the end, if this support fails to hold the next pattern of support lies at $2,250<\/strong>. If the market is worse, Ethereum easily could fall to\u00a0$2,110<\/strong>.<\/p>\n

Technical Indicators<\/em><\/strong><\/p>\n

– Hourly MACD:<\/strong> Looking at the MACD histogram for ETH\/USD, it is clear that the asset\u2019s bearish momentum is increasing steadily.<\/p>\n

– Hourly RSI:<\/strong> The RSI for ETH\/USD is at a level below 50 which conveys to us that the market is\u00a0bearish.<\/p>\n

– Major Support Level:<\/strong> $\u00a02400<\/p>\n

– Major Resistance Level: <\/strong>Up to twenty-five hundred dollars (\u00a0$2,500<\/strong>).<\/p>\n

That is why investors are looking at Ethereum to answer the question of whether it will be able to reverse the situation in the crypto market or drop lower. It is recommended that investors should be informed and put more think when selling and buying their stock in this volatile market environment.<\/p>\n

ETH Takes A Hit: What\u2019s Next For Ethereum?<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":"

The price of Ethereum has once again gone down and crossed the major support level of $2,550, below which the asset is seriously considered oversold. The market gurus are now pondering whether ETH can go even lower and test the $2,250 low before buyers come in and lift the\u00a0token. Current Market\u00a0Overview The Ethereum unpin from […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3249","post","type-post","status-publish","format-standard","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3249"}],"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=3249"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3249\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}