Ethereum (ETH) Declines beneath $2.8K; Why Bulls May Struggle

Ethereum saw extended drops beneath the support floor of $2.8K. The alt’s price is plunging, and ETH might explore levels under the support of $2,675.

  • ETH launched a downward retracement beneath the support floor at $2,880.
  • The alt now trades beneath $2.8K and the 100-hour SMA.
  • A crucial bearish line emerges with the resistance of 42.8K on the ETH/USD hourly chart (Kraken stats).
  • Ethereum will see drops to $2,550 support if it violates the foothold at $2,675.

ETH Price Extends Downside

Ethereum could not kick-start a new upswing past the resistance at $2,950. That had the alternative coin on another drop, trading beneath the support floor of $2,880. Moreover, ETH saw a clear move under the 50% Fibonacci retracement of the upswing from $2,560 to highs of $3,043. It even settled beneath the support floor at $2.8K and 100-hour Simple Moving Average.

For now, Ethereum changes hands under 61.8% Fibonacci retracement of upsurge to swing high of $3,043 from $2,560. ETH/USD’s 1hr chart shows a critical bearish line developing with resistance at $2.8K. Meanwhile, Ethereum’s obstacle to the upside sits at $2,760.

The initial massive resistance appears at $2.8K and the trend-line level. A decisive move past this resistance might catalyze new increases for Ether. The next hurdle might emerge at $2,850 and 100-hour SMA. Further gains from this level will see Ethereum hitting levels of $3K and even $3,040.

Further Decreases in Ethereum

Ethereum might experience extended drops if it fails to launch new upswings beyond the $2.8K mark. An initial foothold to the downside appears at $2.7K. Another massive support sits at $2,675, under which ETH might witness a bearish regime. Such developments might see Ether plunging to revisit the footing at $2,550. Further downswings will take Ethereum to $2,500 in the short term.

For now, the crypto spectrum flashes bearish actions. The global cryptocurrency market capitalization hovers near $1.83 trillion, following a 4.35% 24-hour fall. Meanwhile, the overnight market crash emerged as Russia launched a nuclear attack against Ukraine. Such news ruined sentiment, translating to downtrends.

However, pundits remain optimistic about the crypto space, projecting massive gains in the future. Furthermore, crypto proved dependable amid war as solid cash witness limitations. Russia and Ukraine see increased digital coins activity as the conflict escalates.

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