HomeCrypto NewsThe Future of Cryptocurrency: What Comes Next?

The Future of Cryptocurrency: What Comes Next?

Ethereum Price Dives Below $3,000 Support

Ethereum Price Plunges Below $3,000, More Losses Ahead?

In the world of cryptocurrency, Ethereum has been facing a tough time as its price remains in a bearish zone below the $3,250 mark. The digital currency recently took a dive below the crucial $3,000 support level and even tested the $2,850 zone, sparking concerns among investors and traders.

Ethereum started a fresh decline below the $3,120 and $3,000 levels, indicating a lack of buying interest in the market. The price is currently trading below $3,000 and the 100-hourly Simple Moving Average, further adding to the bearish sentiment.

A key bearish trend line is forming with resistance near $3,000 on the hourly chart of ETH/USD, suggesting that any potential recovery might face hurdles. While the pair could correct losses, upsides are expected to be limited above the $3,120 zone.

The recent price action saw Ethereum plunging 8% and testing the $2,850 support level. Although a low was formed at $2,862, the price is now consolidating losses and showing bearish signs. It is trading well below the 23.6% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low.

If there is a recovery wave, Ethereum might face resistance near the $2,960 level, with the first major resistance at $3,000. The presence of a bearish trend line near $3,000 and the 100-hourly SMA indicates that the path to recovery won’t be easy for Ethereum.

Looking ahead, if Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near $2,850, with the first major support at the $2,800 zone. A clear break below $2,800 might pave the way for further losses towards $2,720 and potentially even $2,650 in the near term.

In terms of technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bearish zone, while the hourly RSI is now below the 50 zone. The major support level is at $2,850, while the major resistance level stands at $3,000.

With Ethereum facing significant challenges in its price action, investors and traders will be closely monitoring the market for any signs of a potential turnaround or further downside movement.

New Updates

Popular Updates


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.