Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls

Sep 16, 2024 04:00 am Cryptocurrency 25

Ethereum price is down over 5% and trading below $2,350l. ETH is signaling an increase in selling pressure and might drop to $2,120.

Ethereum started another decline after it failed to clear $2,450.

The price is trading below $2,320 and the 100-hourly Simple Moving Average.

There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH/USD (data feed via Kraken).

The pair must clear the $2,320 resistance to start a recovery wave in the near term.

Ethereum Price Dips Again

Ethereum price failed to clear the $2,450 resistance and started another decline like Bitcoin. ETH declined more than BTC and broke key supports at $2,400.

There was a break below a key bullish trend line with support at $2,400 on the hourly chart of ETH/USD. The pair is down over 5% and there was a move below the $2,320 support zone. A low is formed ..

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