Ethereum started a strong decline and traded below $2,500 against the US Dollar. ETH price is diving and remains at a risk of more downsides below $2,200.
Ethereum attempted an upside break above the $2,750 level, but failed. ETH faced a strong selling interest, resulting in a sharp decline below the $2,650 level.
More importantly, Russia’s military operation also increased selling pressure. Ether price nosedived and even broke the $2,500 support level. There was a clear move below the $2,420 support and the price settled below the 100 hourly simple moving average.
Besides, there was a break below a key bullish trend line with support near $2,680 on the hourly chart of ETH/USD. It even tested the $2,300 level and is currently consolidating losses.
An immediate resistance on the upside is near the $2,400 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,752 swing high to $2,302 low. The first major resistance is seen near the $2,500 and $2,520 levels.
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent decline from the $2,752 swing high to $2,302 low is also near the $2,520 level. The main resistance is now forming near the $2,650 level and the 100 hourly simple moving average. A clear move above the $2,650 might start a steady increase.
If ethereum fails to start a recovery wave above the $2,400 level, it could continue to move down. An initial support on the downside is near the $2,300 level.
The next major support is near the $2,250 level. A downside break below the $2,250 support could push the price towards the $2,200 support level. If there are additional losses, the bears might aim a move towards the $2,050 level in the near term.
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $2,300
Major Resistance Level – $2,500
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