Ethereum Price Remains In Downtrend Below $3,000
- 王林Original
- 2024-08-21 18:11:15501browse
Ethereum (ETH) is consolidating below $3,000 and the 50-day simple moving average (blue). ETH might drop again if it stays below $2,820.
Ethereum price is consolidating below key hurdles at $2,820 and $3,000. A clear move above the $3,000 barrier might start a steady increase. Conversely, there could be a fresh drop to $2,200.
The price of Ethereum (ETH) has risen during the last few days. Following a low at $2,099, the price began to rise like Bitcoin. There was a move above the $2,350 and $2,450 resistance levels.
The price also rose sharply above the 23.6% Fib retracement level of the downward movement from the $3,548 swing high to the $2,099 low. The bulls even pushed the price above the $2,720 level before the bears appeared.
Now, the price is consolidating around the $2,700 level. On the upside, the price might face hurdles near the $2,700 level. The first major resistance sits near the $2,820 level. The next resistance is near the $2,880 level.
A clear move above the $2,880 level could open the doors for a move toward the $3,000 level, the 50-day simple moving average (blue), and the trend line zone. If ETH bulls push the price above the $3,000 resistance, there could be a steady increase. In the stated case, the price could rise toward the $3,220 level. Any more gains might initiate a move toward the $3,500 zone in the near term.
Another Decline In ETH?
Immediate support is near the $2,440 level. The first major support sits near the $2,350 level. The next major support sits near the $2,220 pivot level. A daily close below the $2,220 level might send ETH toward the $2,100 support.
The main uptrend support is now near the $2,000 region (a multi-touch zone). A clear downside break and close below the $2,000 support zone could spark a major drop. The next major support is near the $1,880 level. Any more losses might send Ether toward the $1,750 support.
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