Ethereum Price Crashes Over 20%: Market Reacts to Major Sell-Off

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,786,670,474,794	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,786,670,474,794

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-60.34	-0.07%	90,531.06	90,523.32	90,532.61

Price Change

Price Change %

Current Price

Bid Price

Offer

-60.34

-0.07%

90,531.06

90,523.32

90,532.61

High Price	Low Price	Open Price	Prev. Close	52 Week Range
90,935.79	89,400.00	90,714.56	90,581.98	35,773.27 - 93,495.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

90,935.79

89,400.00

90,714.56

90,581.98

35,773.27 - 93,495.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:48:00	0.000039	90,521.62	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:48:00

0.000039

90,521.62

USD

Price x Volume	Volume	Base Symbol	Related Pairs
186,781,380.70	2,069.62	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

186,781,380.70

2,069.62

Ethereum Price Crashes Over 20%: Market Reacts to Major Sell-Off

05/08/2024 5:58am

NEWSBTC

Ethereum price nosedived after it settled below $3,000. ETH is down over 20% and it is now attempting to recover from the $2,000 zone. Ethereum started a major decline below the $2,800 and $2,650 levels. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a recovery wave if it clears the $2,500 resistance zone. Ethereum Price Takes Major Hit Ethereum price started a major decline after it broke the $3,000 support. ETH dragged Bitcoin lower and traded below the $2,500 support. It declined over 20% and there was a sharp decline below the $2,200 level. The price even dived below $2,000 and tested $1,920. A low is formed at $1,911 and the price is now consolidating losses. There was a minor recovery wave above the $2,200 level. The price broke the 23.6% Fib retracement level of the downward move from the $2,922 swing high to the $1,911 low. Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average. If there is a steady recovery wave, the price could face resistance near the $2,420 level and the 50% Fib retracement level of the downward move from the $2,922 swing high to the $1,911 low. The first major resistance is near the $2,500 level. There is also a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD. The next major hurdle is near the $2,540 level. A close above the $2,540 level might send Ether toward the $2,680 resistance. The next key resistance is near $2,800. An upside break above the $2,800 resistance might send the price higher toward the $3,000 resistance zone in the near term. Another Decline In ETH? If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near $2,200. The first major support sits near the $2,120 zone. A clear move below the $2,120 support might push the price toward $2,050. Any more losses might send the price toward the $2,000 support level in the near term. The next key support sits at $1,920. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,120 Major Resistance Level – $2,500

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