Connect with us

Hi, what are you looking for?

Income Innovator HubIncome Innovator Hub

Economy

Ethereum price dropped to a new lower low this morning

Ethereum price dropped to a new lower low this morning

On Wednesday, the price of Ethereum crashed to $2395, forming a new weekly low there

Ethereum chart analysis

On Wednesday, the price of Ethereum crashed to $2395, forming a new weekly low there. On Monday evening, the price was trying to maintain itself at $2680. EMA 200 moving average pressure from the upside influenced us to make a breakout below on Tuesday. A strong bearish consolidation continued throughout the day up to the $2420 level.

We didn’t manage to hold on there either, but we fell to this morning’s low. After that, Ethereum stopped further retreat and returned above the $2450 level. We are currently trying to hold in this zone to try to move above the $2500 level. Today’s resistance is at the $2485 level, and we need a bullish impulse to break above.

 

There has been a bearish trend since Saturday; do we have the strength to stop further decline?

By moving above $2500, Ethereum would have good initial momentum to initiate a longer bullish consolidation. Potential higher targets are the $2550 and $2600 levels. At the $2600 level, we will test the EMA 50 moving average, while the EMA 200 is the moving average in the $2650 zone. If the price manages to return above them, it will erase a large part of the previous loss.

On the other hand, a bearish scenario could unfold if Ethereum undergoes a negative consolidation and its price drops below the $2400 level. Such a drop could exert pressure on the previous low, potentially leading to a new low and confirming the bearish momentum. In this case, we would need to observe further price pullback and the testing of lower support levels, with potential targets at the $2350 and $2300 levels.

 

The post Ethereum price dropped to a new lower low this morning appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Source: Ark Invest / Instagram ARK Investment Management, led by prominent investor Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust (GBTC)...

    Latest News

    A super PAC that has overseen much of Ron DeSantis’s presidential operation has fired its CEO less than two weeks after the previous chief...

    Stock

    Popeyes is expanding its menu beyond chicken sandwiches — and it’s a permanent change this time. The fast-food chain announced Wednesday it’s adding five...

    Latest News

    WINDHAM, N.H. — It’s pouring rain Saturday morning as New Hampshire Gov. Chris Sununu (R) arrives at Mary Ann’s diner in Windham, fielding calls...

    Disclaimer: Incomeinnovatorhub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 incomeinnovatorhub.com