Ethereum

Bitcoin

Resistance

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. 
<ul> 
 <li>Ethereum started a major decline below the $2,800 and $2,650 levels.</li> 
 <li>The price is trading below $2,500 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).</li> 
 <li>The pair could start a recovery wave if it clears the $2,500 resistance zone.</li> 
</ul> 
<h2 id="ethereum-price-takes-major-hit">Ethereum Price Takes Major Hit</h2> 
Ethereum price started a major decline after it broke the $3,000 support. ETH dragged <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-plunge-53k/" target="_blank" rel="noopener ">Bitcoin</a> 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 <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-battles-3350/" target="_blank" rel="noopener ">100-hourly Simple Moving Average</a>. 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-633083 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461" alt="Ethereum Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/Ethereum.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="another-decline-in-eth">Another Decline In ETH?</h2> 
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

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

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