{"id":605909,"date":"2024-05-01T04:06:15","date_gmt":"2024-05-01T04:06:15","guid":{"rendered":"https:\/\/wncen.com\/?p=605909"},"modified":"2024-06-11T07:17:03","modified_gmt":"2024-06-11T07:17:03","slug":"ethereum-price-plunges-2800","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-price-plunges-2800\/","title":{"rendered":"Ethereum Price Plunges Over 5%, Can Bears Push ETH Under $2,800?"},"content":{"rendered":"<p><em>Ethereum price started another decline and traded below $3,000. ETH must stay above the $2,800 and $2,850 support levels to avoid a major drop.<\/em><\/p>\n<ul>\n<li>Ethereum started another decline and tested the $2,900 zone.<\/li>\n<li>The price is trading below $3,120 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could continue to move down if it settles below the $2,850 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Dives Again<\/h2>\n<p>Ethereum price struggled to gain pace for a move above the $3,250 level and started another decline, like <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-nosedives-60k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a>. ETH traded below the $3,120 level. The bears even pushed the price below the $3,000 level.<\/p>\n<p>A low was formed at $2,916 and the price is now consolidating. There was a minor increase above the $3,000 level. The price tested the 23.6% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. However, the bears were active near the $3,000 and $3,020 levels.<\/p>\n<p>Ethereum is now trading below $3,120 and the <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-vulnerable-below-3-5k\/\" target=\"_blank\" rel=\"noopener \">100-hourly Simple Moving Average<\/a>. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100-hourly Simple Moving Average.<\/p>\n<p>There is also a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH\/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-605910\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png?resize=1024%2C461\" alt=\"Ethereum Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/p>\n<p>The next key resistance sits at $3,185, above which the price might gain traction and rise toward the $3,250 level. A close above the $3,250 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone.<\/p>\n<h2>More Downsides In ETH?<\/h2>\n<p>If Ethereum fails to clear the $3,120 resistance, it could continue to move down. Initial support on the downside is near the $2,940 level and the channel zone. The first major support is near the $2,850 zone.<\/p>\n<p>The main support is near the $2,800 level. A clear move below the $2,800 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 level in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $2,940<\/p>\n<p>Major Resistance Level \u2013 $3,120<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price started another decline and traded below $3,000. ETH must stay above the $2,800 and $2,850 support levels to avoid a major drop. Ethereum started another decline and tested the $2,900 zone. The price is trading below $3,120 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could continue to move down if it settles below the $2,850 support. Ethereum Price Dives Again Ethereum price struggled to gain pace for a move above the $3,250 level and started another decline, like Bitcoin. ETH traded below the $3,120 level. The bears even pushed the price below the $3,000 level. A low was formed at $2,916 and the price is now consolidating. There was a minor increase above the $3,000 level. The price tested the 23.6% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. However, the bears were active near the $3,000 and $3,020 levels. Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,120 level and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $3,120 on the hourly chart of ETH\/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,356 swing high to the $2,916 low. Source: ETHUSD on TradingView.com The next key resistance sits at $3,185, above which the price might gain traction and rise toward the $3,250 level. A close above the $3,250 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,620 resistance zone. More Downsides In ETH? If Ethereum fails to clear the $3,120 resistance, it could continue to move down. Initial support on the downside is near the $2,940 level and the channel zone. The first major support is near the $2,850 zone. The main support is near the $2,800 level. A clear move below the $2,800 support might push the price toward $2,650. Any more losses might send the price toward the $2,540 level in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is gaining momentum in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $2,940 Major Resistance Level \u2013 $3,120<\/p>\n","protected":false},"author":67,"featured_media":487709,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[65296,1946,8686,78803],"class_list":["post-605909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Price Plunges Over 5%, Can Bears Push ETH Under $2,800?<\/title>\n<meta name=\"description\" content=\"Ethereum price started another decline and traded below $3,000. 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