Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls
September 15 2024 - 11:48PM
NEWSBTC
Ethereum price is down over 5% and trading below $2,350l. ETH is
signaling an increase in selling pressure and might drop to $2,120.
Ethereum started another decline after it failed to clear $2,450.
The price is trading below $2,320 and the 100-hourly Simple Moving
Average. There was a break below a key bullish trend line with
support at $2,400 on the hourly chart of ETH/USD (data feed via
Kraken). The pair must clear the $2,320 resistance to start a
recovery wave in the near term. Ethereum Price Dips Again Ethereum
price failed to clear the $2,450 resistance and started another
decline like Bitcoin. ETH declined more than BTC and broke key
supports at $2,400. There was a break below a key bullish trend
line with support at $2,400 on the hourly chart of ETH/USD. The
pair is down over 5% and there was a move below the $2,320 support
zone. A low is formed at $2,253 and the price is now consolidating
losses. Ethereum price is now trading below $2,320 and the
100-hourly Simple Moving Average. On the upside, the price seems to
be facing hurdles near the $2,300 level or the 23.6% Fib
retracement level of the downward move from the $2,465 swing high
to the $2,253 low. The first major resistance is near the $2,320
level. A close above the $2,320 level might send Ether toward the
$2,360 resistance. The next key resistance is near $2,385 or the
61.8% Fib retracement level of the downward move from the $2,465
swing high to the $2,253 low. An upside break above the $2,385
resistance might call for more gains toward the $2,450 resistance
zone in the near term. More Downsides In ETH? If Ethereum fails to
clear the $2,320 resistance, it could start another decline in the
near term. Initial support on the downside is near $2,250. The
first major support sits near the $2,200 zone. A clear move below
the $2,200 support might push the price toward $2,150. Any more
losses might send the price toward the $2,120 support level in the
near term. The next key support sits at $2,050. Technical
Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum
in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below
the 50 zone. Major Support Level – $2,250 Major Resistance Level –
$2,320
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