
Ethereum extended its decline and it traded close to $2,300 against the US Dollar. ETH price is now recovering and it could start a strong increase if it clears $2,550.
Ethereum extended its decline below the $2,400 and $2,300 support levels.
The price is now well below $2,600 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely forming an inverse head and shoulders pattern with resistance near $2,550.
Ethereum Price Could Rise Steadily
Ethereum failed to stay above the key $2,550 support level, and it extended its decline. ETH traded below the $2,440 and USD 2,400 support levels.
It even broke $2,350 level and settled well below the 100 hourly simple moving average. A low is formed near $2,313 and the price is now correcting higher. It broke the $2,400 resistance level. Ether also climbed above the 23.6% Fib retracement level of the of the recent drop from the $2,850 swing high to $2,313 low.
Source:newsbtc.com
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 0.57 | $118,309.71 | $23.3B |
Ethereum (ETH) | 1.76 | $3,826.33 | $22.8B |
Solana (SOL) | -0.05 | $188.196171 | $9.9B |
XRP (XRP) | 0.31 | $3.205124 | $7.2B |
Dogecoin (DOGE) | 0.76 | $0.238528 | $4.9B |
USD Coin (USDC) | 0 | $0.999885 | $3.0B |
Cardano (ADA) | 0.57 | $0.828517 | $1.8B |
Binance Coin (BNB) | 1.90 | $798.88 | $1.5B |
TRON | 1.42 | $0.321817 | $1.0B |
Litecoin (LTC) | -0.44 | $113.56 | $895.9M |