NewsletterEthereum Price Analysis: Will Bears Smash ETH Price Below $2800 support zone?
The recent reversal from the descending triangle in the Ethereum (ETH) price shares the same fate as most altcoins due to the fall in Bitcoin prices. Last night, the ETH price fell more than 7.15% as the bears overtook the trend control within hours. Moreover, the downfall creates a double top pattern with the neckline at the $2,800 support zone. Will the bears smash below the $2800 support zone?
Key technical points:
- The ETH prices crack beneath the 20-day EMA
- The Vortex indicator shows a trend reversal crossover
- The intraday trading volume in ETH/USD is $14.74 Billion, indicating a 5% fall.
Source- Tradingview
As the bearish clouds cover the crypto market, the Ethereum (ETH) price fell 7.15%, resulting in an evening star pattern. This creates a reversal trend from the descending trendline and a double top pattern with the neckline at the $2800 support zone.
The Ether prices failed to surpass the trendline after giving a fake out of the $2,800 support zone and creating a low of $2400. Hence, the recent downfall may soon retest the low of $2,400 with the double top breakout.
Ethereum (ETH) price trades below the 20 and 200 EMA, as the lines maintain a bearish alignment. The daily-Relative Strength index (44) slope reflects a bearish divergence in the last two dips.
Trendline Breakout Unleashes The Trapped Bears
Source-Tradingview
The rising selling pressure drives the Ethereum prices below the highly influential support trendline in the 4-hour ETH/USD chart. Moreover, the recent 4-hour candle pierces into the support zone with a 2.33% fall.
Contrary to the bearish analysis, if by any chance bulls survive the downfall, a reversal can find resistance near the $3000 and $3400 mark, above the resistance trendline.
The moving average convergence/divergence indicator shows the MACD and signal line giving a parabolic fall below the zero line. Moreover, the rising trend of the bearish histograms represents the increased selling pressure.
- Resistance levels- $3000, $3400
- Support levels are- $2650 and $2400
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
