In a stark retreat from its recent positions, the value of Ethereum plunged, searching for support at the critical $2,150 level, only hinting at a tepid recovery as the risk of further descent toward $2,000 looms large. From its heights, Ethereum traced a precipitous descent, slicing through the $2,350 and $2,250 thresholds with apparent ease. As it stands, Ethereum is ensnared below the $2,250 mark, weighed down by the 100-hourly Simple Moving Average that spells a gloomy tale for investors.
A prominent bearish trend line has emerged, staking out resistance near $2,240 on the hourly chart for ETH/USD, as cited from data assimilated via Kraken. The narrative suggests an opportunity for Ethereum to possibly claw back ground, should it overpower resistance at $2,240 and further at $2,280.
Ethereum’s journey downhill has continued remorselessly, still under the shadow of the pivotal $2,400 level. Mirroring Bitcoin’s trajectory, Ethereum cascaded past $2,250 support, once flirting below the $2,000 marker. A weekly nadir was etched in the vicinity of $2,165, and Ethereum now seems to be in a phase of loss consolidation. A mitigated resurgence lifted Ethereum past $2,220, prodding the 23.6% Fib retracement level calculated from the recent crest of $2,480 to its $2,165 trough.
Presently, Ethereum flounders below the $2,250 milestone, hindered also by the looming presence of the 100-hourly Simple Moving Average. The resistance resting near $2,240 persists, as does the formidable trend line on the hourly spectrum. Overcoming these could propel Ethereum towards $2,280, and then, potentially, towards a “decent recovery,” with the next significant barricade emerging near $2,360 – corresponding to the 61.8% Fib retracement landmark.
Should Ethereum muster the strength to sail beyond $2,360, the winds could favor a noticeable ascent, perhaps ushering it towards the $2,415 threshold. Further advancements may then escort Ethereum on a journey towards the coveted $2,550 zone.
However, specters of additional losses haunt Ethereum. An inability to breach the $2,440 resistance could signal a renewed downturn. The initial bulwark to the downside sits near $2,200.
Close below lies the $2,165 support stratum, where a breach could spell a steeper selloff. Under such dire circumstances, Ethereum might seek solace at the support of $2,120. An unfortunate continuation of this trajectory could see Ethereum spiraling towards the pivotal $2,000 sphere.
Technical indicators paint a bleak picture; the Hourly MACD charges forward in the bearish domain while the Hourly RSI lies subdued below the median line. Investors brace as major support at $2,165 flirts with discredit, and the specter of the $2,480 resistance stands tall, unchallenged for now.
