Ethereum experienced a sharp decline, trading below $2,500 against USD. The ETH price continues to fall and there is still a chance of further downsides.
- Ethereum experienced a severe decline following its failure to exceed 2,750.
- The price currently trades at $2,500 below the 100-hourly simple moving median.
- A break was seen below a bullish trend line, with support close to $2,680 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- It is possible for the pair to continue falling if it does not fall below $2,500.
Ethereum’s Price Continues to Decline
Ethereum failed to break the $2,750 mark in an upside move. ETH experienced strong selling interest and fell sharply below the $2650 level.
More importantly, Russia’s military operation also increased selling pressure. The Ether price plunged to $2,500 and broke even below the support level. The price fell below $2,420 and settled below 100-hourly moving average.
On the hourly chart of Ethereum/USD, it was also below a bullish trend line that had support close to $2,680. The price even reached the $2,300 mark and is consolidating its losses.
The $2,400 mark is the immediate support for the upside. This is close to the 23.6% Fib Retracement level that marked the decline from $2,752 high to $2,302 low. Near the $2,500-$2,520 levels is where you will find your first significant resistance.
Source: TradingView.com, ETHUSD
Near the $2520 level is the 50% Fib level. This level represents the retracement of the decline from $2,752 swing highs to $2,302 lows. Now, the main resistance lies near the $2650 level. The 100 hourly simple moving mean is also nearby. The steady rise could begin if the price moves above $2,650.
What Are the Losses of ETH More?
Ethereum could fall further if there is no recovery wave at the $2,400 mark. Initial support is at the $2,300 mark.
Near the $2,250 support level is the next major support. If the market falls below $2,250, a move towards $2,200 could be possible. The bears may aim for a near-term move to the $2,050 mark if there are further losses.
Technical indicators
Hourly MACD – Now, the MACD of ETH/USD has been moving in the bearish area.
Hourly RSI – The RSI is well below the 50 mark for USD/ETH.
Major Support Level – $2,300
Major Resistance Level – $2,500
