- The leading alt resorted to a massive drop following failure to overcome $2,970.
- For now, the price hovers beneath $2.8K and 100-hourly SMA.
- Ethereum’s 1hr chart shows a break beneath a vital bullish trend-line with support at $2.9K.
- ETH/USD might witness extended declines amid a closing beneath the support barrier of $2,700.
Ethereum launched a downward wave from the $2,970 level. The alt dived beneath the vital $2.8K and might plunge lower under the support barrier at $2.7K.
Ethereum Price Crashes
Ethereum failed to keep the resistance zone of $2,950 away. The leading altcoin by market value formed a high near $2,970 before indulging in new drops. The sudden drop saw ETH on a sharp move under the $2.9K and $2,850 value regions.
Moreover, the ETH/USD hourly chart shows a break beneath a crucial bullish line with a $2.9K support zone. Ethereum dipped beneath the $2.8K and 100-hourly Simple Moving Average. Lastly, the token lost the foothold at $2,720.
The crypto formed a low near $2,678 before a brief upside correction. Ethereum saw a recovery wave beyond the $2,720 mark. Meanwhile, the upticks had the token climbing beyond the 23.6% Fibonacci retracement zone of the latest drop to $2,678 low from $2,969.
Meanwhile, an initial hurdle emerged at $2,760. Overcoming this zone would see Ethereum at the first massive resistance at $2,820. This level stands near the 50% Fibonacci retracement of the latest fall from $2,969 to $2,678. For now, the primary breakout zone stands at $2,875.
A closing beyond the $2,875 value area might open the gates of decent gains. That can mean a move towards the crucial $3,000.
More Ethereum Dips?
Ethereum might continue its downtrends if it fails to steady beyond the $2,760 hurdle. It will discover the first support floor at $2,720. Meanwhile, losing the next footing at $2,680 might welcome accelerated plunges. That can see the pair exploring the $2.6K level.
Nevertheless, ETH’s up-and-coming reactions will rely on broad market sentiment. While writing these lines, Bitcoin struggled with massive plummets at $36,379, losing over 7% within the past day. Such a stance confirms Ethereum’s potential fall in the near term.
Ether Technical Indicators
Crucial support zone – $2,680
Critical resistance zone – $2,760
Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.
