Ethereum Crashes 10% — Is This the Dip Before the Rocket Ride?

Ethereum bulls got rug-pulled hard today as ETH nosedived 10%—just another Tuesday in crypto wonderland.

Market mood flips from 'to the moon' to 'proceed with caution'

Traders are suddenly remembering that digital gold still follows gravity when whales dump. The usual suspects—macro fears, regulatory whispers, or just some hedge fund needing yacht fuel—triggered the selloff.

Meanwhile, Bitcoin maximalists are smugly eating popcorn watching this unfold. 'Store of value' narrative looking extra shiny today.

This ain't ETH's first rodeo though. The network's survived worse—remember the ICO bloodbath of '18? Smart money's already eyeing accumulation zones. Because nothing makes crypto bros hornier than a 'discounted' altcoin.

Closing thought: Maybe Vitalik should tweet a heart emoji—that usually pumps the price 5%. Works better than actual fundamentals.

Ethereum Price Eyes Recovery

Ethereum price started a fresh decline below the $2,500 support level, like Bitcoin. ETH price declined below the $2,350 and $2,250 levels.

The bears even pushed the price below the $2,200 level. The pair tested the $2,120 zone and started a consolidation phase. There was a minor MOVE above the $2,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low.

Ethereum price is now trading below $2,300 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance NEAR the $2,250 level. There is also a key bearish trend line forming with resistance at $2,280 on the hourly chart of ETH/USD.

The next key resistance is near the $2,340 level. It is close to the 50% Fib retracement level of the downward move from the $2,568 swing high to the $2,114 low. The first major resistance is near the $2,400 level.

A clear move above the $2,400 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,620 in the near term.

More Losses In ETH?

If ethereum fails to clear the $2,340 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level. The first major support sits near the $2,150 zone.

A clear move below the $2,150 support might push the price toward the $2,120 support. Any more losses might send the price toward the $2,050 support level in the near term. The next key support sits at $2,000.

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 – $2,150

Major Resistance Level – $2,340