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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum at Risk of a Larger Decline To $175: Here’s Why

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is down more than 10% and it broke the key $200 support against the US Dollar. Bitcoin’s decline is increasing pressure on ETH and it could decline further to $175.

  • ETH price is gaining bearish momentum and it broke the key $200 support zone against the US Dollar.
  • It is now trading below $192 and the 100 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $205 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower towards the next major support at $175 or $165.

Ethereum Price Turns Red

This past week, Ethereum made a couple of attempts to gain bullish momentum above the $210 resistance area against the US Dollar, but it failed. ETH price formed a local top near the $215 level and started a strong decline.

The recent decline in bitcoin below the $9,000 support sparked heavy bearish moves in Ether. It broke the main $202 and $200 support levels to move into a bearish zone.

More importantly, there was a break below a key bullish trend line with support near $205 on the 4-hours chart of ETH/USD. The pair even settled below the $192 support and the 100 simple moving average (4-hours).

Ethereum Price
Ethereum Price

It is now trading below the 50% Fib retracement level of the upward move from the $146 swing low to $227 swing high. The current price action suggests that Ethereum might continue to move down below the $180 level.

The first key support is seen near the $175 level. It represents the previous breakout zone and coincides with the 61.8% Fib retracement level of the upward move from the $146 swing low to $227 swing high.

Any further losses may perhaps open the doors for a larger decline towards the $165 and $162 support levels in the near term.

Upsides Capped

If Ethereum starts an upside correction, an immediate resistance is near the $192 level. The first major resistance for buyers is seen near the $200 zone (the recent breakdown zone).

The 100 simple moving average (4-hours) is also near the $200 level to act as crucial hurdle. A successful close above the $200 level and the 100 SMA is needed to start a fresh uptrend.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

4 hours RSI – The RSI for ETH/USD is currently near the oversold zone at 26.

Major Support Level – $175

Major Resistance Level – $200

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Aayush Jindal
Aayush Jindal

Aayush Jindal

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.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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