Ethereum Price Turns Red Below $2,800, Might Extend Losses if It Breaks $2,300

Ethereum (ETH) price is showing bearish signs below $2,800 and the 50-day simple moving average (blue). It might extend losses if it breaks $2,300.

Ethereum (ETH) price recovered from the $2,100 level in August 2024, continuing an uptrend that began at $2,000. This uptrend faced resistance at $2,800-$2,850, preventing further gains.

However, bears remained active in this zone, keeping ETH price under pressure despite attempts by bulls to push the price above $2,800.

This led to a another round of selling pressure, which drove the price below the 50-day simple moving average (blue) and the $2,650 support.

The bears then pushed the price below the $2,550 and $2,500 support levels. ETH price上涨至 2,099 美元，并重新测试了 2,300 美元的支撑位。

Currently, the price is consolidating around the $2,400 level. The price could encounter resistance to the upside in the vicinity of the $2,600 level. The first significant resistance is encountered around the $2,800 level and the 50-day simple moving average (blue).

The next resistance is located around the $3,000 level. A major bearish trend line is also forming on the daily chart, with resistance at $3,000.

This resistance is close to the 61.8% Fib retracement level of the downward wave from the $3,566 swing high to the $2,099 low.

A clear move above the $3,000 level could pave the way for a rally toward the $3,220 level.

If ETH bulls manage to drive the price past the $3,220 resistance, a sustained uptrend could follow.

In such a scenario, the price could rise toward the $3,550 level. Further gains could trigger a move into the $3,800 zone.

Conversely, Ethereum might extend losses below the $2,350 level.

Immediate support is present at the $2,300 level. The first major support is located around the $2,220 level.

The next major support is situated near the $2,100 level. A daily close below the $2,100 level could lead ETH toward the $2,000 support.

A clear downside break and close below the $2,000 support zone could trigger a more significant decline.

The next major support is located around the $1,880 level. Any further losses could drive Ether toward the $1,750 support.

Overall, Ethereum price is showing bearish signs below $2,650 and $2,800. A close below $2,300 could lead the price toward $2,100 or even $2,000 in the coming weeks

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