Ethereum's Slide Continues: Key Levels to Watch for Potential Rebound
Ethereum's price has struggled to maintain its footing above the crucial $3,000 mark, experiencing a notable decline. The cryptocurrency is currently in a consolidation phase, with eyes on a potential recovery wave if it can successfully breach the $2,880 resistance level. Recent market movements indicate a clear bearish sentiment, pushing ETH to new weekly lows.
ETH Dips to New Weekly Lows
Following an unsuccessful attempt to push above $3,000, Ethereum's price retreated significantly, dipping below the $2,950 and $2,920 support zones. Bears exerted further pressure, driving the price below $2,850 and establishing a new low at $2,790. This downward trend places ETH in a bearish zone, trading well below the 100-hourly Simple Moving Average and the 23.6% Fibonacci retracement level of the recent downward move from a $3,175 high to the $2,790 low. A bearish trend line on the hourly chart, currently acting as resistance around $2,920, reinforces this sentiment. Should an upward movement materialize, Ethereum is expected to encounter resistance near $2,880, followed by the formidable $2,920 trend line. The primary major resistance lies around $2,980, coinciding with the 50% Fib retracement level of the aforementioned swing.
What Lies Ahead for ETH?
The immediate future for Ethereum hinges on its ability to overcome the $2,880 resistance. A failure to do so could trigger a fresh wave of declines, with initial support expected near $2,800. The first significant support level to watch is the $2,780 zone. A decisive break below this could see the price testing $2,740, and further losses could potentially push it towards the $2,625 region, with the next critical support at $2,550. Technical Indicators
- Hourly MACD: Gaining bearish momentum.
- Hourly RSI: Currently below the 50 zone, indicating weaker momentum.
- Major Support Level: $2,780
- Major Resistance Level: $2,920
