TA: Ethereum Dives 10% As Russia-Ukraine Tension Escalates

Ethereum started a strong decline and traded below $2,500 against the US Dollar. ETH price is diving and remains at a risk of more downsides below $2,200. Ethereum started a major decline after it failed to surpass 2,750. The price is now trading below $2,500 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $2,500 level. Ethereum Price Extends Decline Ethereum attempted an upside break above the $2,750 level, but failed. ETH faced a strong selling interest, resulting in a sharp decline below the $2,650 level. More importantly, Russia’s military operation also increased selling pressure. Ether price nosedived and even broke the $2,500 support level. There was a clear move below the $2,420 support and the price settled below the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $2,680 on the hourly chart of ETH/USD. It even tested the $2,300 level and is currently consolidating losses. An immediate resistance on the upside is near the $2,400 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,752 swing high to $2,302 low. The first major resistance is seen near the $2,500 and $2,520 levels. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the ...