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Ethereum extended its decline and it traded close to $2,300 against the US Dollar. ETH price is now recovering and it could start a strong increase if it clears $2,550.
Ethereum extended its decline below the $2,400 and $2,300 support levels.
The price is now well below $2,600 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely forming an inverse head and shoulders pattern with resistance near $2,550.
Ethereum Price Could Rise Steadily
Ethereum failed to stay above the key $2,550 support level, and it extended its decline. ETH traded below the $2,440 and USD 2,400 support levels.
It even broke $2,350 level and settled well below the 100 hourly simple moving average. A low is formed near $2,313 and the price is now correcting higher. It broke the $2,400 resistance level. Ether also climbed above the 23.6% Fib retracement level of the of the recent drop from the $2,850 swing high to $2,313 low.
Source:newsbtc.com
| Coin | Change(%) | Price | Volume (24h) |
|---|---|---|---|
| Ethereum Meta (ETHM) | -2.50 | $0.000903 | $8371.3B |
| Bitcoin (BTC) | -2.66 | $90,008.80 | $15.5B |
| Ethereum (ETH) | -4.12 | $3,099.59 | $10.2B |
| Solana (SOL) | -4.11 | $132.846386 | $2.6B |
| USD Coin (USDC) | -0.01 | $0.999724 | $2.3B |
| XRP (XRP) | -0.44 | $2.029518 | $2.0B |
| Dogecoin (DOGE) | -1.30 | $0.138863 | $900.2M |
| TRON | -1.74 | $0.272380 | $874.3M |
| ZCash (ZEC) | -6.80 | $426.412143 | $756.2M |
| Litecoin (LTC) | -3.48 | $81.31 | $682.4M |
