Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: RSRS on July 08, 2021, 04:04:25 PM
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Ethereum started a fresh decline after it failed to surpass $2,400 against the US Dollar. ETH price could decline further if it fails to stay above the $2,250 support.
Ethereum is slowly moving lower below the $2,300 support zone.
The price is now trading below the $2,280 support and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $2,285 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it fails to stay above the $2,250 support zone.
Ethereum Price Could Decline Further
There was an upside extension in ethereum above the $2,300 level. ETH even broke the $2,350 level and it settled above the 100 hourly simple moving average.
However, the price faced a strong resistance near the $2,400 level. A high was formed near $2,406 and the price started a fresh decline. It broke the $2,320 and $2,300 support levels. There was a break below the 50% Fib retracement level of the upward move from the $2,156 swing low to $2,406 high.
There was also a a break below a major bullish trend line with support near $2,285 on the hourly chart of ETH/USD. The pair is now trading below the $2,280 support and the 100 hourly simple moving average..
Sourch (https://cryptonews.net/en/news/ethereum/1000247/)
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It's summer now, and the summer months, especially July and August, have always been not the best for cryptocurrency prices to rise. In all likelihood, there will be a swing in the next two or three months, the price will go up and down a little. Today we really see that bitcoin has dropped in price to $ 32,901 and ethereum to $ 2,161. After a period of falling, there will be a slight rise again. We are waiting for autumn, then there will be time for a good price growth of the cryptocurrency.