Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls

Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls

NewsbtcNewsbtc2024/09/16 05:16
By:Aayush Jindal

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.

Source: ETHUSD on TradingView.com

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 MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,250

Major Resistance Level – $2,320

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Solana Price Prediction: The SOL Ecosystem Just Got an Upgrade – And It Might Be the Most Bullish One Yet

In this Solana price prediction, we look at the blockchain's latest product launch and analyze its potential impact in the price of $SOL.

CryptoNews2025/05/27 04:00
Solana Price Prediction: The SOL Ecosystem Just Got an Upgrade – And It Might Be the Most Bullish One Yet

XRP Price Prediction: $16B Real Estate Project Goes Live on XRP Ledger – $500 XRP Coming Soon?

The collaboration between the Dubai Land Authority and Ctrl Alt will run on XRP ledger, and is aiming to grow to $16 billion by 2033.

CryptoNews2025/05/27 04:00
XRP Price Prediction: $16B Real Estate Project Goes Live on XRP Ledger – $500 XRP Coming Soon?