Ethereum (ETH) has faced a notable downturn, plummeting by 8% within a 24-hour period and falling below the $2,100 threshold. This decline comes in the wake of unexpectedly high U.S. Non-Farm Payroll (NFP) figures, which have escalated inflation worries and led to heightened volatility in the cryptocurrency sector. An uptick in unemployment rates, coupled with the prospect of stringent Federal Reserve measures, has thwarted Ethereum’s attempts to break through the resistance point at $2,142. Current technical analyses indicate that ongoing economic uncertainties are empowering sellers in the market.
What Do the 4-Hour Charts Indicate?
The Ethereum price chart for four hours reveals a steep decline following a failed attempt to surpass the $2,319 resistance. This unsuccessful breakthrough has escalated the likelihood of a drop towards the significant psychological barrier of $2,000. Increased trading volume suggests heightened selling pressure, with careful attention needed on the critical support level of $2,156.
Can Ethereum Hold Its Daily Support Levels?
Ethereum continues to struggle to hold below $2,142 on its daily chart. The lower boundary of the Keltner Channel, positioned at $2,009, is viewed as the final defense for a possible rebound. Nevertheless, a daily candle’s closure reflecting a 2.73% drop underscores the prevailing influence of sellers.
- Ethereum’s price has decreased significantly, raising concerns about a potential fall to $2,000.
- Short-term buyers appear to be losing control, especially with the price hovering below $2,100.
- Failure to overcome resistance at $2,258 signals ongoing bearish sentiment.
The ongoing struggle for Ethereum to maintain its value highlights the challenges posed by market volatility and economic factors. Should the price fail to remain above $2,100, testing lower levels like $2,009 could become inevitable, putting further pressure on the cryptocurrency’s market performance.
