Ethereum Price Crashes Over 20%, Once Ethereum’s price fell below $3,000, it plummeted. Ethereum (ETH) is seeking a recovery from the $2,000 zone after a 20% decline.
- After breaking below the $2,650 and $2,800 levels, Ethereum began a steep fall.
- Selling pressure has brought the price down below the 100-hourly simple moving average and $2,500.
- The hourly chart of ETH/USD (data feed via Kraken) shows the formation of a crucial negative trend line, with resistance above $2,500.
- If the pair breaks through the $2,500 resistance level, it might signal the beginning of a recovery wave.
The Price of Ethereum Falls Significantly
After piercing the $3,000 support level, the price of Ethereum began a precipitous fall. Ethereum (ETH) fell with Bitcoin and was trading below the $2,500 support level. Under the $2,200 mark, Ethereum’s price crashed over 20% today, it fell precipitously, falling more than 20%.
Even testing $1,920, the price fell below $2,000 for a while. The price has made a bottom at $1,911 and is currently recouping its losses. Above the $2,200 mark, a small wave of recovery occurred. Following a decline from a swing high of $2,922 to a low of $1,911, the price has broken below the 23.6% Fibonacci retracement level.
At the moment, the price of Ethereum is trading lower than both $2,500 and the 100-hourly SOMA. The price may encounter obstacles close to the $2,420 mark and the 50% Fib retracement level of the decline from the $2,922 swing high to the $1,911 low, should a steady rebound wave occur.
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The initial significant obstacle is the $2,500 level. Hourly, the ETH/USD chart shows resistance near $2,500 and the formation of a crucial bearish trend line. Near the $2,540 mark, the Ethereum Price Crashes Over 20%, and we will encounter our next big test. Ether might be pushed toward the $2,680 resistance if it closes over the $2,540 mark.
Close to $2,800 will be the next significant barrier. Shortly, the price might be sent higher toward the $3,000 resistance zone if it breaks out over the $2,800 resistance.
Yet Another Ethereum Price Drop?
One more drop might be in store for Ethereum if it can’t break through the $2,500 barrier. Near $2,200, you can find initial support on the downside. The $2,120 zone is the first significant support.
The price can be pushed toward $2,050 if it breaks down sharply below the $2,120 support. If the price continues to fall, it might soon reach the $2,000 support level. At $1,920, you’ll find the next important support.
- Key Performance Indicators
- On an hourly basis, the MACD for ETH/USD is moving away from the bullish zone.
- Hourly Relative Strength Index (RSI)—The ETH/USD RSI is below the 50 zone.
- The $2,120 level is the major support.
- Substantial Blockage Level – $2,500
- Further Information: Btccovert
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