The downward force becomes apparent by the day with the immediate support at $2,400, vulnerable to immense losses. At the time of writing, Ether trades at $2,455 amid a developing momentum.
Ethereum’s downtrend is far from over
According to the ( ) on the four-hour chart, the action may catch momentum in the near term. For instance, this trend strength indicator forms a lower high pattern, revealing the growing grip. Besides, a break under the mean line will likely trigger massive sell orders as Ethereum explores the gap toward $2,000.
The Moving Average Convergence Divergence ( ) indicator is indecisive. In other words, it seems to be championing sideways trading. However, it is essential to realize that the is settled in the negative region, meaning the bears are more influential.
Traders should look out for the direction of the line in the coming sessions. Note that we will expect another dip in the price if it increases the divergence beneath the signal line. Lower support levels are expected at $2,100 and $1,750, respectively.
On the upside, action above the signal line and perhaps into the positive region will pull Ethereum toward the confluence resistance. Trading above the confluence resistance may catapult Ethereum to the hurdle at $2,700 while setting the precedence for another upswing toward $3,000.
Ethereum intraday levels
Spot rate: $2,460
Resistance: The 100 and the 2000
Support: $2, 40 , $2,100 and $1,750