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Home»EXCHANGE NEWS»Could Ethereum Price Revisit Key Support and Bears Take Over?
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Could Ethereum Price Revisit Key Support and Bears Take Over?

By Crypto FlexsMay 2, 20243 Mins Read
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Could Ethereum Price Revisit Key Support and Bears Take Over?
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Ethereum price began another decline, trading below $2,920. ETH could gain bearish momentum if it closes below the $2,800 support.

  • Ethereum remained in bearish territory and was trading below the $2,900 region.
  • The price is trading below $2,950 and the 100-hour simple moving average.
  • The hourly chart of ETH/USD (data feed via Kraken) has a bearish trend line connected to the resistance at $3,050.
  • If it stays below the $3,050 resistance, the pair may continue to fall.

Losses widen due to Ethereum price

The price of Ethereum, like Bitcoin, remained in a bearish range below the $3,120 level. ETH was trading below the $3,000 level. The decline even pushed the price below the $2,920 level.

The low was formed at $2,813 and the price is currently consolidating. There was a slight increase above the $2,900 level. The price tested the 23.6% Fib retracement level of the bearish wave from the $3,355 swing high to the $2,813 low. However, the bears were actively trading near the $2,950 and $2,965 levels.

Ethereum is currently trading below $3,000 and the 100-hour simple moving average. Immediate resistance is near the $2,965 level. The first major resistance is near the $3,050 level and the 100-hourly simple moving average.

Additionally, on the hourly chart of ETH/USD, there is a bearish trend line connecting with resistance at $3,050. The trend line is close to the 50% Fib retracement level of the bearish wave from the $3,355 swing high to the $2,813 low.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,085, above which the price may gain traction towards the $3,150 level. A close above the $3,150 resistance line could cause the price to head towards the $3,250 resistance line. Ethereum may test the $3,350 resistance level if there is a move above the $3,250 resistance level. Further gains could lead Ether towards the $3,500 resistance zone.

Are there more downsides to ETH?

If Ethereum fails to clear the $3,050 resistance, it may continue to fall. Initial support for the downside is near the $2,850 level. The first major support is near the $2,820 area.

Key support is near the $2,820 level. A clear break below the $2,820 support could push the price towards $2,650. More losses could push the price towards the $2,540 level in the near term.

technical indicators

Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.

RSI per hour – The RSI for ETH/USD is currently below the 50 level.

Key Support Level – $2,820

Key Resistance Level – $3,050

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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