CryptoETHEthereum price bears keep pushing: Why the decline isn't over yet

Ethereum price bears keep pushing: Why the decline isn’t over yet

YetEthereum Price Takes Hit

Ethereum price attempted a fresh increase above the $2,120 and $2,150 levels. ETH even climbed above the $2,200 level, but the bears were active near the $2,250 level. A high was formed near $2,252 and the price started a fresh decline, like Bitcoin.

There was a move below the $2,200 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,252 high.

Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with resistance near $2,225 on the hourly chart of ETH/USD. If there is a fresh increase, the pair might face resistance near the $2,200 level.

The next key resistance is near the $2,225 level or the channel trend line. The main resistance is still near $2,250. A clear move above the $2,250 zone could send the price toward the $2,300 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,500 level.

More Losses in ETH?

If Ethereum fails to clear the $2,225 resistance, it could continue to move down. Initial support on the downside is near the $2,120 level or the 50% Fib retracement level of the upward move from the $1,980 swing low to the $2,252 high.

The next key support is $2,045. The main support is now near $2,000. A downside break below $2,000 might start another major decline. In the stated case, Ether could revisit the $1,880 support. Any more losses might call for a test of the $1,820 support zone in the near term.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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