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Home»TRADING NEWS»Ethereum Price Drop: Is Support Coming Soon?
TRADING NEWS

Ethereum Price Drop: Is Support Coming Soon?

By Crypto FlexsNovember 5, 20243 Mins Read
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Ethereum Price Drop: Is Support Coming Soon?
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Ethereum price extended losses and traded below the $2,500 support level. ETH is consolidating and may have a hard time recovering above the $2,500 resistance.

  • Ethereum began a new downtrend at the $2,550 resistance zone.
  • The price is trading below $2,480 and the 100-hour simple moving average.
  • There is a new connecting bearish trendline forming with resistance at $2,445 on the hourly chart of ETH/USD (data feed via Kraken).
  • A break above the $2,445 and $2,500 resistance levels could start a recovery for the pair.

Losses widen due to Ethereum price

Ethereum price struggled to stay above $2,500 and began a new Bitcoin-like decline. ETH fell below the $2,450 and $2,420 levels.

The $2,350 support zone was tested. The low was made at $2,357 and the price is currently trying to recover. There was a move above the $2,385 resistance zone. The price tested the 23.6% Fib retracement level moving down from the $2,583 swing high to the $2,357 low.

Ethereum price is currently trading below $2,500 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a new connecting bearish trendline forming with resistance at $2,445.

On the other hand, the price appears to be facing a hurdle near the $2,445 level and the trend line. The first major resistance is near the $2,470 level or the 50% Fib retracement level of the downside move from the $2,583 swing high to the $2,357 low.

Ethereum price

Major resistance is currently forming near $2,500. A clear break above the $2,500 resistance level could push the price towards the $2,550 resistance level. An uptick above the $2,550 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise towards the $2,620 resistance zone.

Another decline in ETH?

If Ethereum fails to clear the $2,445 resistance, it could begin another downtrend. Initial support for the downside is near the $2,380 level. The first major support is near the $2,350 area.

A clear decline below the $2,350 support could push the price towards $2,285. More losses could push the price towards the $2,220 support level in the near term. The next major support level is $2,150.

technical indicators

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

RSI per hour – The RSI for ETH/USD is now below the 50 area.

Key Support Level – $2,360

Key Resistance Level – $2,500

Source: NewsBTC.com

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