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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Ethereum Correcting Gains But 100 SMA Could Trigger Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a downside correction from the $335 swing high against the US Dollar. ETH price is currently approaching a major support zone near $305 and the 100 hourly SMA.

  • Ethereum is losing bullish momentum and it is now trading below $320.
  • The price is likely to find a strong buying interest near $305 or the 100 hourly simple moving average.
  • There was a break below a key ascending channel with support near $318 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $300 handle to resume its upside in the near term.

Ethereum Price Correcting Gains

There was an upside extension above $330 in Ethereum against the US Dollar. ETH price traded to a new monthly high at $335 and the price settled well above the 100 hourly simple moving average.

The price is currently correcting lower and trading below the $325 level. There was a break below the 50% Fib retracement level of the recent upward move from the $307 swing low to $335 high.

Moreover, there was a break below a key ascending channel with support near $318 on the hourly chart of ETH/USD. The pair is now trading below the $320 level, but there are many supports on the downside. An initial support is near the 76.4% Fib retracement level of the recent upward move from the $307 swing low to $335 high.

Ethereum Price

Ethereum price corrects below $320. Source: TradingView.com

The first major support is near the $310 level or the $307 swing low. The main support is seen near the $302 level and the 100 hourly simple moving average.

On the upside, the price could face hurdle near the $322 and $325 levels. A successful break above the $325 resistance could open the doors for a push towards the $335 high or even $345.

Bearish Scenario for ETH

On the downside, ether price is likely to find many supports, starting with $315. The breakdown support is now forming near the $302 and $300 levels, coinciding with the 100 hourly SMA.

If there is a downside break below the $300 level (the pivot zone), the price is likely to decline towards the $285 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently sliding below the 50 level.

Major Support Level – $315

Major Resistance Level – $325

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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