Ethereum (ETH) Suffers; Why It Might Crash Beneath $2.7K

  • The leading alt resorted to a massive drop following failure to overcome $2,970.
  • For now, the price hovers beneath $2.8K and 100-hourly SMA.
  • Ethereum’s 1hr chart shows a break beneath a vital bullish trend-line with support at $2.9K.
  • ETH/USD might witness extended declines amid a closing beneath the support barrier of $2,700.

Ethereum launched a downward wave from the $2,970 level. The alt dived beneath the vital $2.8K and might plunge lower under the support barrier at $2.7K.

Ethereum Price Crashes

Ethereum failed to keep the resistance zone of $2,950 away. The leading altcoin by market value formed a high near $2,970 before indulging in new drops. The sudden drop saw ETH on a sharp move under the $2.9K and $2,850 value regions.

Moreover, the ETH/USD hourly chart shows a break beneath a crucial bullish line with a $2.9K support zone. Ethereum dipped beneath the $2.8K and 100-hourly Simple Moving Average. Lastly, the token lost the foothold at $2,720.

The crypto formed a low near $2,678 before a brief upside correction. Ethereum saw a recovery wave beyond the $2,720 mark. Meanwhile, the upticks had the token climbing beyond the 23.6% Fibonacci retracement zone of the latest drop to $2,678 low from $2,969.

Meanwhile, an initial hurdle emerged at $2,760. Overcoming this zone would see Ethereum at the first massive resistance at $2,820. This level stands near the 50% Fibonacci retracement of the latest fall from $2,969 to $2,678. For now, the primary breakout zone stands at $2,875.

A closing beyond the $2,875 value area might open the gates of decent gains. That can mean a move towards the crucial $3,000.

More Ethereum Dips?

Ethereum might continue its downtrends if it fails to steady beyond the $2,760 hurdle. It will discover the first support floor at $2,720. Meanwhile, losing the next footing at $2,680 might welcome accelerated plunges. That can see the pair exploring the $2.6K level.

Nevertheless, ETH’s up-and-coming reactions will rely on broad market sentiment. While writing these lines, Bitcoin struggled with massive plummets at $36,379, losing over 7% within the past day. Such a stance confirms Ethereum’s potential fall in the near term.

Ether Technical Indicators

Crucial support zone – $2,680

Critical resistance zone – $2,760

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