Ethereum (ETH) Revisits $2.8K; Why Upsides Remain Capped

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  • ETH launched a massive downward action that had it losing the support floor at $2,950 and $2,860.
  • Ethereum hovers beneath $2,950 and 100hr Simple Moving Average.
  • ETH’s hourly chart shows a vital bearish trend-line developing with $2,910 resistance (Kraken data).
  • ETH/USD should surge past $2.8K for decent short-term recoveries.

Ethereum started another drop from the resistance zone at $3,030. The alt plunged beneath $2.8K and attempts upside recoveries.

Ethereum Price Resumes Downside

The leading alternative token, ETH, could not gain the strength to overcome the resistance level of $3,030. Ethereum kick-started a massive drop below the support of $2.950 after forming a top. The crypto experienced a swift fall beneath the $2,900 barrier and 100hr SMA (Simple Moving Average).

Ether’s intensified drop had it exploring value levels beneath the support floor of $2,800. That had Ethereum forming another weekly low at $2,766 and now consolidates incurred losses. It recovered past the $2.8K mark. While writing these lines, ETH traded at $2,884.11, losing 3.85% over the past 24 hours (Coinmarketcap data).

The alt saw a break past the 23.6% Fibonacci retracement area of the latest $3,041 – $2,766 move. For now, the token appears to overpower the resistance at $2,860.

However, a massive resistance stands at $2.9K. Moreover, the 1hr chart showed a bearish trend line emerging with resistance at $2,910. The trend-line stood near the 50% Fibonacci retracement mark of the fall from $3,041 to $2,766.

A decisive move past the resistance barrier at $2,910 could launch new surges for the token. That would see Ethereum exploring the resistance level at $2,950. Meanwhile, further downswings would send the alt towards the resistance at $3,030.

More Ethereum Downswings?

Failure to gain momentum above $2,900 may see Ethereum on extended lows. The first support would appear around the $2.8K mark. Further declines would have the token securing footing at $2,765. Losing ground here could see Ethereum in continued declines. Another vital foothold stands at $2,650, under which ETH would risk a plunge to $2.5K.

ETH Technical Indicators

  • 1hr RSI stays below 50
  • 1hr MACD weakens in a bearish area.
  • Crucial support level – $2,765
  • Massive resistance level – $2,910