Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,814,516,168,802	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,814,516,168,802

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,758.48	-1.88%	91,761.21	91,761.20	91,761.21

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,758.48

-1.88%

91,761.21

91,761.20

91,761.21

High Price	Low Price	Open Price	Prev. Close	52 Week Range
94,111.00	91,271.19	93,378.01	93,519.69	38,501.00 - 108,388.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

94,111.00

91,271.19

93,378.01

93,519.69

38,501.00 - 108,388.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	16:39:41	0.000518	91,761.21	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

16:39:41

0.000518

91,761.21

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,269,227,795.22	13,690.70	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,269,227,795.22

13,690.70

Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls

16/09/2024 4:48am

NEWSBTC

Ethereum price is down over 5% and trading below $2,350l. ETH is signaling an increase in selling pressure and might drop to $2,120. Ethereum started another decline after it failed to clear $2,450. The price is trading below $2,320 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear the $2,320 resistance to start a recovery wave in the near term. Ethereum Price Dips Again Ethereum price failed to clear the $2,450 resistance and started another decline like Bitcoin. ETH declined more than BTC and broke key supports at $2,400. There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH/USD. The pair is down over 5% and there was a move below the $2,320 support zone. A low is formed at $2,253 and the price is now consolidating losses. Ethereum price is now trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,300 level or the 23.6% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. The first major resistance is near the $2,320 level. A close above the $2,320 level might send Ether toward the $2,360 resistance. The next key resistance is near $2,385 or the 61.8% Fib retracement level of the downward move from the $2,465 swing high to the $2,253 low. An upside break above the $2,385 resistance might call for more gains toward the $2,450 resistance zone in the near term. More Downsides In ETH? If Ethereum fails to clear the $2,320 resistance, it could start another decline in the near term. Initial support on the downside is near $2,250. The first major support sits near the $2,200 zone. A clear move below the $2,200 support might push the price toward $2,150. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,250 Major Resistance Level – $2,320

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