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02/09/24
118
Ethereum Faces Pressure: Critical Support Levels Under Threat
The price of Ethereum has seen a significant decline, dropping below the crucial $2,550 support level. This downward trend suggests that ETH might further slide toward the $2,250 support zone unless buying interest reemerges. Currently, Ethereum trades below $2,500, struggling to maintain its footing.
As the price dipped, it also fell beneath the 100-hourly Simple Moving Average, indicating weaker short-term momentum. A bearish trend line has emerged, showing resistance at approximately $2,500, which complicates any recovery efforts. For Ethereum to regain strength in the near term, it is essential for the price to stay above the $2,400 mark.
The bearish trajectory continued as Ethereum struggled to hold above the $2,620 support level. This recent movement lower reflects similar trends observed in Bitcoin. Following a test of the $2,400 support floor, Ethereum recorded a low near $2,401 but is now experiencing a brief recovery phase, attempting to regain levels above $2,420.
Yet, significant resistance persists around the $2,500 level alongside the 100-hourly Simple Moving Average. Ethereum’s movement appears trapped between the resistance at $2,500 and the pivotal $2,400 support, which could signal further declines if breached. Should the price fall below $2,400, it may quickly drop towards $2,320 or even $2,250.
Potential recovery for Ethereum hinges on successfully overcoming key resistance levels. A notable rise past $2,550 could pave the way for an approach to $2,620, with further gains potentially targeting the $2,800 region. Overall, market conditions signal that investors should monitor the $2,400 support closely, as its breach may lead to another wave of selling pressure.
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