Ethereum Dives 15per , Why Close Below dollar2K Is The Key
Categories: US ETHERUM NEWS
Ethereum Dives 15%, Why Close Below dollar2K Is The Key
Ethereum Price Breaks $2K
Ethereum failed to extend the recovery wave above the $2,400 level. ETH started another decline and traded below the $2,320 support zone.There was a break below a key bullish trend line with support near $2,250 on the hourly chart of ETH/USD. The pair tumbled below the $2,200 and $2,100 levels. Ether price even broke the $2,000 support zone and settled below the 100 hourly simple moving average.The 23.6% Fib retracement level of the recent decline from the $2,451 swing high to $1,939 low is also near $2,060. The first major resistance is near the $2,150 level. The main resistance is now forming near the $2,220 level.
More Losses in ETH?
If ethereum fails to recover above the $2,200 resistance, it could continue to move down. An initial support on the downside is near the $1,940 zone.The next major support is near the $1,880 level. A daily close below the $2,000 level might spark more losses below $1,880. In the stated case, the price could dive towards the $1,700 level. The next major support might be near the $1,550 and $1,500 levels in the near term.