Ethereum (ETH) Price Dives To $2,000, Struggles To Start A Strong Uptrend
- WBOYOriginal
- 2024-08-05 18:10:42473browse
NEW DELHI (CoinChapter.com) — Ethereum (ETH) is struggling to start a strong uptrend. It declined over 20% and is now consolidating losses above the $2,000 support.
CoinChapter provides key takeaways on Ethereum’s technical analysis. After declining over 20%, ETH is now consolidating losses above the $2,000 support.
Key Takeaways
Ethereum price declined below the $2,800 and $2,480 support levels.
There was a medium-term bearish move as ETH dragged BTC, XRP, and many other cryptocurrencies lower.
The price even declined below the 50% Fib retracement level of the main move from the $881 swing low to the $4,084 high.
Bears managed to push the price below the $2,250 support zone and the 50-week simple moving average (blue).
Ethereum tested the $2,000 support zone and the last three weekly candles suggest a major setback for the bulls.
After declining over 20% in the past few sessions, Ethereum is now consolidating losses above the $2,000 support.
ETH price faced a massive sell-off in the past few sessions. It declined below the $2,800 and $2,480 support levels to enter a medium-term bearish zone. There was a decline below the 50% Fib retracement level of the main move from the $881 swing low to the $4,084 high. The bears even managed to push the price below the $2,250 support zone and the 50-week simple moving average (blue).
Now, the price is testing the $2,000 support zone. If the bears manage to push the price below this support and close the week below it, we could see a strong bearish move. In the stated case, the price might decline toward the $1,650 region.
On the upside, Ethereum might start a consolidation phase above the $2,000 support and later start a recovery wave. Immediate resistance is near the $2,450 level. The first major resistance is $2,600 and the 50-week simple moving average (blue).
The main resistance is now forming near the $2,800 zone. If the price clears the $2,800 resistance, it could gain pace and rise toward the $3,000 resistance. The next key resistance might be $3,150. A close above the $3,150 level could open the doors for a fresh test of the $3,550 hurdle.
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