BTC / USD
26,745.40
2.05%
(+538.46)
ETH / USD
1,626.47
2.49%
(+39.46)
XRP / USD
0.51
1.05%
(+0.01)
LTC / USD
65.23
1.58%
(+1.01)
EOS / USD
0.57
1.89%
(+0.01)
BCH / USD
232.34
9.27%
(+19.7)
ADA / USD
0.25
0.79%
(0)
XLM / USD
0.11
2.41%
(0)
NEO / USD
7.33
1.75%
(+0.13)
XEM / USD
0.03
1.73%
(0)
DASH / USD
27.09
0.6%
(+0.16)
USDT / USD
1.00
0.05%
(-0)
BNB / USD
214.78
1.42%
(+3.01)
QTUM / USD
2.20
2.76%
(+0.06)
XVG / USD
0.00
3.91%
(0)
ONT / USD
0.17
0.38%
(0)
ZEC / USD
26.44
2.32%
(+0.6)
STEEM / USD
0.17
0.83%
(0)

Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level

0

Ethereum declined heavily below the $3,250 support against the US Dollar. ETH price tested $3,000 before it attempted an upside correction.

  • Ethereum started another decline and traded below the $3,150 support zone.
  • The price is trading below $3,250 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a major recovery wave if there is a clear move above $3,300.

Ethereum Price Remains At Risk

Ethereum failed to clear the $3,350 resistance level and started another major decline. ETH declined below the $3,250 and $3,120 support levels to move further into a bearish zone.

The price spiked towards $3,000 and traded as low as $3,006. Recently, there was a minor upside correction above the $3,120 and $3,150 levels. Besides, there was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD.

Ether price even climbed above $3,200, but there was no upside continuation. Ether price started a fresh decline and traded below $3,200.

The price declined below the 23.6% Fib retracement level of the upward move from the $3,006 swing low to $3,209 high. On the upside, an immediate resistance is near the $3,200 level. The next major resistance is near the $3,250 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The main resistance is near the $3,000 level. A clear upside break above the $3,300 level could spark a decent recovery wave. The next key resistance is near the $3,450 level.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $3,250 level, it could continue to move down. An initial support on the downside is near the $3,120 level.

The first key support is now forming near the $3,100 level. It is near the 50% Fib retracement level of the upward move from the $3,006 swing low to $3,209 high. A downside break below the $3,100 level might lead the price towards the key $3,000 support in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now moving into the bearish zone.

Hourly RSIThe RSI for ETH/USD is above the 50 level.

Major Support Level – $3,100

Major Resistance Level – $3,300

Leave A Reply

Your email address will not be published.