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Home»EXCHANGE NEWS»Ethereum price has plummeted more than 5%, but can bears push ETH below $2,800?
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Ethereum price has plummeted more than 5%, but can bears push ETH below $2,800?

By Crypto FlexsMay 1, 20243 Mins Read
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Ethereum price has plummeted more than 5%, but can bears push ETH below ,800?
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Ethereum price began another decline, trading below $3,000. To avoid a major decline, ETH needs to stay above the $2,800 and $2,850 support levels.

  • Ethereum began another decline and tested the $2,900 area.
  • The price is trading below $3,120 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 $3,120.
  • A break below the $2,850 support could continue the decline for the currency pair.

Ethereum price plummets again

Ethereum price struggled to gain speed above the $3,250 level and began another Bitcoin-like decline. ETH was trading below the $3,120 level. The decline even pushed the price below the $3,000 level.

The low was formed at $2,916 and the price is currently consolidating. It rose slightly above the $3,000 level. The price tested the 23.6% Fib retracement level moving down from the $3,356 swing high to the $2,916 low. However, the bears were actively trading near the $3,000 and $3,020 levels.

Ethereum is currently trading below $3,120 and the 100-hour simple moving average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 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 $3,120. The trend line is close to the 50% Fib retracement level moving down from the $3,356 swing high to the $2,916 low.

Source: ETHUSD on TradingView.com

The next major resistance level is $3,185, above which the price may gain traction and advance towards the $3,250 level. A close above the $3,250 resistance line could cause the price to head towards the $3,350 resistance line. Ethereum may test the $3,500 resistance level if there is a move above the $3,350 resistance level. Further gains could lead Ether towards the $3,620 resistance zone.

Are there more downsides to ETH?

If Ethereum fails to clear resistance at $3,120, it may continue to fall. Initial support on the downside is near the $2,940 level and channel area. The first major support is near the $2,850 area.

Key support is near the $2,800 level. A clear break below the $2,800 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 – $2,940

Key Resistance Level – $3,120

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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