{"id":3794,"date":"2024-07-25T02:48:58","date_gmt":"2024-07-25T02:48:58","guid":{"rendered":"https:\/\/cryptd.in\/ethereum-price-drops-8-whats-next-for-the-altcoin-giant\/"},"modified":"2024-07-25T02:48:58","modified_gmt":"2024-07-25T02:48:58","slug":"ethereum-price-drops-8-whats-next-for-the-altcoin-giant","status":"publish","type":"post","link":"https:\/\/cryptd.in\/en\/ethereum-price-drops-8-whats-next-for-the-altcoin-giant\/","title":{"rendered":"Ethereum Price Drops 8%: What\u2019s Next for the Altcoin Giant?"},"content":{"rendered":"

Ethereum price started a major decline from the $3,500 resistance zone. ETH is down over 8% and might continue to decline toward the $3,120 support.<\/em><\/p>\n

Ethereum is gaining bearish pace from the $3,500 resistance zone.
\nThe price is trading below $3,400 and the 100-hourly Simple Moving Average.
\nThere was a break below a key declining channel with support at $3,380 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to move down toward the $3,120 support zone.<\/p>\n

Ethereum Price Dives Below $3,350<\/h2>\n

Ethereum price failed to start a fresh increase above the $3,500 resistance zone. ETH started a fresh decline and traded below the $3,400 support zone. It declined by over 8% more than Bitcoin<\/a>.<\/p>\n

There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH\/USD. The pair even declined below the $3,200 level and tested $3,180. A low is formed near $3,183 and the price is showing signs of more losses.<\/p>\n

Ethereum is now trading below $3,400 and the 100-hourly Simple Moving Average<\/a>. If there is a recovery wave, the price could face resistance near the 23.6% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low at $3,250.<\/p>\n

The first major resistance is near the $3,300 level. The next major hurdle is near the $3,350 level and the 50% Fib retracement level of the downward move from the $3,500 swing high to the $3,183 low. A close above the $3,350 level might send Ether toward the $3,380 resistance.<\/p>\n

<\/a><\/p>\n

The next key resistance is near $3,425. An upside break above the $3,425 resistance might send the price higher toward the $3,500 resistance zone.<\/p>\n

More Losses In ETH?<\/h2>\n

If Ethereum fails to clear the $3,250 resistance, it could continue to move down. Initial support on the downside is near $3,180. The first major support sits near the $3,120 zone.<\/p>\n

A clear move below the $3,150 support might push the price toward $3,080. Any more losses might send the price toward the $3,020 support level in the near term. The next key support sits at $2,950.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 zone.<\/p>\n

Major Support Level \u2013 $3,150<\/p>\n

Major Resistance Level \u2013 $3,250<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum price started a major decline from the $3,500 resistance zone. ETH is down over 8% and might continue to decline toward the $3,120 support. Ethereum is gaining bearish pace from the $3,500 resistance zone. The price is trading below $3,400 and the 100-hourly Simple Moving Average. There was a break below a key declining […]<\/p>\n","protected":false},"author":0,"featured_media":3795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nEthereum Price Drops 8%: What\u2019s Next for the Altcoin Giant? - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/en\/ethereum-price-drops-8-whats-next-for-the-altcoin-giant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Price Drops 8%: What\u2019s Next for the Altcoin Giant? - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Ethereum price started a major decline from the $3,500 resistance zone. 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