Ethereum Teeters Near $2,150 Amid Intensifying Selloff Risk

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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.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.

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