Ethereum Price Sinks 10% – Is This a Buying Opportunity?
Ethereum’s price began a new decline from the $2,850 resistance zone. ETH fell by more than 10% and worked hard to stay above the $2,500 level.
- Ethereum is facing sales in the area below $2,650.
- Prices trade below $2,750 and the 100-hour simple moving average.
- On the hourly table of ETH/USD (via Kraken’s feed), there is a short-term bearish trend line forming with a resistance of $2,600.
- If the pair hits $2,600 and $2,650, the couple may start a nice upward move.
Ethereum price hits
Ethereum price failed to clear the $2,850 resistance zone and started a new decline, e.g. Bitcoin. ETH is below the support level of $2,720 and $2,650 to enter the bearish zone.
Prices have dropped by more than 10% or even below the $2,550 support zone. The low price is formed at $2,458 and the current price is firmly below the 23.6% FIB retracement level, from a swing high of $2,854 to a low of $2,458.
Ethereum prices are now trading for less than $2,600, 100 hours simple moving average. In the hourly table of ETH/USD, there is also a short-term bearish trend line forming with a resistance of $2,600.
On the plus side, the price seems to be facing a $2,550 hurdle. The first major resistance is close to the $2,600 level. Now, the formation of the main resistor is close to $2,650 or a 50% FIB retracement level from the swing high of $2,854 to the low of $2,458.
A clear action on resistors over $2,650 could shift the price to a resistor at $2,750. A rise in resistors above $2,750 could demand more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,850 resistance zone or even $2,920 in the short term.
More losses from ETH?
If Ethereum fails to clear the $2,600 resistor, it may drop again. The initial support for disadvantages is close to the $2,550 level. The first major support is located near the $2,450 area.
A clear move to support below $2,450 could push the price to $2,320 support. In the short term, more losses could shift the price to the support level of $2,250. The next key supports $2,120.
Technical Indicators
Hourly MACD – MACD of ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $2,450
Main resistance level – $2,650
