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Ethereum Price Analysis: ETH falling to $55?

Ethereum price is trying to recover the huge losses but is failing to gain momentum and large whales are waiting to sell ETH
Ethereum price is trying to recover the huge losses but is failing to gain momentum and large whales are waiting to sell ETH above $90.

Technical Indicators:

Support Level: $80

Resistance Level: $90

Key Points

  • Ethereum price recovered more than 2.5% in the 24-hour chart moving above the resistance at $84.
  • Ethereum price is still in a bearish momentum and may fall towards the $80 support area soon.
  • There is a major bearish trend line with new resistance between $86 and $89.

Ethereum price is trying to recover the huge losses but is failing to gain momentum and large whales are waiting to sell ETH above $90.

Ethereum Price Analysis

After trying to recover back above $95 last week, Ethereum price started a downfall below $90 and $85 support levels. The price even fell close to the $80 support but was able to maintain itself above this range. Ethereum price is still below the 4 hours- 100 SMA.

ETHUSD 24 hour chart
ETHUSD 24 hour chart

Ethereum price is facing hurdles while trying to recover back above $90 with the main resistance between $86 and $89. The long-term resistance, however, is above $90 where large whales are willing to sell their holdings in order to avoid further losses. According to the 24-hour chart, Ethereum price may recover above $85 up to $90 but the strong resistance above $90 would push the price downwards and ETH may test the support level near $80 in short term. The current support is quite major as the most major support after this range lies around $55. If the current support is broken, ETH may fall up to this range.

The following article is not a financial advice. The readers should do their own research and analysis before investing in any digital asset such as Ethereum.

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