Like Bitcoin, the price of Ethereum plummeted and fell below $350. ETH has tested the $2,000 support and is now attempting a new climb.

  • Ethereum fell more than 8% and broke through the $2,200 support level.
  • The price is currently trading below $2,300, as is the 100-hourly simple moving average.
  • On the hourly chart of ETH/USD (data feed via Kraken), there was a breach below a significant bullish trend line with support near $2,340.
  • Unless there is a closing below the $2,100 support zone, the pair could rise again.

The price of Ethereum has plummeted dramatically.

The price of Ethereum has risen past the $2,300 mark. ETH even broke beyond the $2,350 mark; however, bears remained aggressive near the $2,400 mark. There was a peak around $2,401, then a sharp decline akin to Bitcoin.

The price fell by more than 8% and fell below the $2,200 mark. Furthermore, on the hourly chart of ETH/USD, there was a breach below a significant bullish trend line with support near $2,340. Before the bulls came, the pair even dropped below the $2,000 support level.

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ETHUSD
ETHUSD price chart (source: TradingView)

The price has produced a low near $1,980 and is now attempting a rebound wave. The price rose above the $2,150 and $2,180 resistance levels. The price has risen beyond the 50% Fib retracement level of the decline from the $2,401 swing high to the $1,980 low.

On the upside, the price is encountering resistance near $2,275. The next major resistance level is near $2,300, or the 76.4% Fib retracement level of the decline from the $2,401 swing high to the $1,980 low. A decisive break above the $2,300 barrier might take the price up to the $2,400 mark.

The next level of resistance is $2,450. Any further advances could set off a tsunami toward the $2,500 mark.

Another decline in ETH?

If Ethereum fails to pass the $2,300 resistance, it could start another drop. On the downside, initial support is near $2,180.

The next important support level is $2,120. The major support is now approaching $2,100. A negative break below $2,200 might launch a protracted downturn. The main support level is currently $2,000, below which there is a chance of a decline below $1,880 shortly.

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