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Ethereum Price Extends Losses: Is The Downtrend Set to Continue?

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Ethereum price is gaining pace below the $2,550 resistance. ETH is now trading above $2,500, but it might struggle to recover above $2,550.

  • Ethereum started a downside correction below the $2,550 zone.
  • The price is trading below $2,520 and the 100-hourly Simple Moving Average.
  • There is a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $2,420 support to start a fresh increase in the near term.

Ethereum Price Dives 5%

Ethereum price remained in a bearish zone and extended losses below the $2,600 level. ETH traded below the $2,550 support to enter a bearish zone like Bitcoin. There was also a move below the $2,500 level.

A low was formed near $2,413 and the price is now consolidating losses. There was a minor increase above the $2,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low.

Ethereum price is now trading below $2,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,520 level. There is also a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD.

The first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next key resistance is near $2,550.

Ethereum Price

An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level. The first major support sits near the $2,420 zone.

A clear move below the $2,420 support might push the price toward $2,350. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,420

Major Resistance Level – $2,550



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XRP Price Fights to Regain Momentum: Will It Break Through??

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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AFP Seizes $6.4 Million in Crypto

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The Australia Federal Police (AFP) seized $6.4 million in crypto linked to a global crime syndicate and made a significant arrest as part of the renowned Operation Kraken.

Crypto cybercrime is a concerning issue that continues to plague the industry, as bad actors prey on unsuspecting criminals. This development marks a significant move against organized crime.

Operation Kraken Leads to $6.4 Million Crypto Haul

The AFP seized up to $6.4 million or 9.3 million Australian dollars linked to the global crime syndicate. It arrested Jay Je Yoon Jung, the suspected mastermind behind the encrypted communication app enabling the criminal network Ghost. Charged with five offenses, including supporting a criminal organization, the accused faces a maximum of 26 years in jail.

The arrest followed the success of a Criminal Assets Confiscation Taskforce (CACT) analyst in cracking the seed phrase from wallets discovered on Jung’s devices during a raid. A seed phrase contains all the necessary information to access or recover funds on the blockchain.

The AFP then moved the looted funds into secure storage. The Commonwealth Proceeds of Crime Act 2002 supports this recovery, established to disrupt criminal networks by confiscating their illicit wealth. Reportedly, the recovery will go to the government to fund law enforcement initiatives.

Read more: 15 Most Common Crypto Scams To Look Out For

his marks the second instance of asset restraint by the Australian Federal Police (AFP) in its operation against the alleged Ghost app maker and its users. Previously, in August, authorities seized $1.4 million (2 million Australian dollars) in cryptocurrency and properties.

The crackdown, known as Operation Kraken, has had a significant impact, leading to 46 arrests, 93 search warrants, and the seizure of 30 illegal firearms. Additionally, authorities have prevented over 200 kilograms of illicit drugs from entering the Australian market and seized more than $2.37 million in cash.

“Whether you have tried to hide them in real estate, cryptocurrency, or cash, we will identify your ill-gotten goods and take them away from you, leaving you with nothing,” AFP’s acting Commander Scott Raven said.

This development indicates how cybercrime remains a challenge in the digital asset and broader financial market. As BeInCrypto reported, crypto attacks surged to $2.1 billion in 2024, with centralized finance (CeFi) taking the biggest hit.

Read more: A Guide to the Best AI Security Solutions in 2024

In the third quarter alone, crypto losses due to exploitation reached $412 million. Notable victims include Onyx Protocol and BingX exchange, among others.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Dogecoin (DOGE) Falls to Support: Can It Avoid a Breakdown?

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Dogecoin extended losses and traded below $0.1120 against the US Dollar. DOGE is now stable above $0.100 and attempting a rebound.

  • DOGE price started another decline below the $0.1150 and $0.1120 levels.
  • The price is trading below the $0.1120 level and the 100-hourly simple moving average.
  • There is a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could start another increase if it clears the $0.1120 and $0.1175 resistance levels.

Dogecoin Price Trims Gains

Dogecoin price failed to continue to higher above the $0.1320 resistance zone. DOGE formed a high at $0.1320 and started a downward move like Bitcoin and Ethereum.

There was a move below the $0.1200 and $0.1150 levels. The price even dipped below the $0.1120 support. A low was formed at $0.1025 and the price is now consolidating losses. There was a minor increase above the $0.1060 level.

Dogecoin price is now trading below the $0.1150 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1095 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low.

The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward the $0.1175 resistance. There is also a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair.

Dogecoin Price

The trend line is close to the 50% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. Any more gains might send the price toward the $0.1200 level. The next major stop for the bulls might be $0.1320.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1095 level, it could start another decline. Initial support on the downside is near the $0.1060 level. The next major support is near the $0.1050 level.

The main support sits at $0.100. If there is a downside break below the $0.100 support, the price could decline further. In the stated case, the price might decline toward the $0.0950 level or even $0.0880 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1060 and $0.1000.

Major Resistance Levels – $0.1095 and $0.1120.



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