Ethereum Finds Footing After Plunge — Will Bulls Charge Back?

Ethereum’s price rollercoaster hits a brief plateau—traders hold their breath as bulls eye a comeback.

After a gut-wrenching drop, ETH shows tentative stability. But in crypto, ’stable’ is just a pause between dramas.

Can the bulls wrest back control? Or is this another ’buy the dip’ trap set by whales? Only time—and leverage—will tell.

*Cynical finance jab: ’Technical analysis’ is just astrology for people who own too many Excel macros.

Ethereum Price Dips Again

Ethereum price started a fresh decline from the $2,650 support zone, like Bitcoin. ETH price failed to recover losses and extended its decline below the $2,600 level.

The price even declined below the $2,550 level. A low was formed at $2,470 and the price is now consolidating losses. There was a move above the $2,500 level. Besides, there was a break above a key bearish trend line with resistance at $2,500 on the hourly chart of ETH/USD.

The price tested the 23.6% Fib retracement level of the downward move from the $2,787 swing high to the $2,470 low. ethereum price is now trading below $2,600 and the 100-hourly Simple Moving Average.

On the upside, the price could face resistance NEAR the $2,550 level. The next key resistance is near the $2,600 level. The first major resistance is near the $2,620 level. It is near the 50% Fib retracement level of the downward move from the $2,787 swing high to the $2,470 low. A clear move above the $2,620 resistance might send the price toward the $2,720 resistance.

An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,780 resistance zone or even $2,880 in the near term.

More Losses In ETH?

If ethereum fails to clear the $2,600 resistance, it could start a fresh decline. Initial support on the downside is near the $2,500 level. The first major support sits near the $2,470 zone.

A clear move below the $2,470 support might push the price toward the $2,420 support. Any more losses might send the price toward the $2,350 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,470

Major Resistance Level – $2,600