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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Nosedives 5%, But Here’s Why $400 Could Save The Day

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum failed to clear the $445 resistance and declined below $420 against the US Dollar. ETH price is now approaching a major support zone near the $400 handle.

  • Ethereum is down over 5% and it broke the $425 and $420 support levels.
  • The price even settled below the $420 level and the 100 hourly simple moving average.
  • There is a new bearish trend line forming with resistance near $420 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to find a strong buying interest near the $400 and $398 support levels.

Ethereum Price Corrects 5%

After another failed attempt to gain strength above $445, Ethereum started a downside correction against the US Dollar. ETH is down over 5% and it broke the $425 and $420 support levels.

The recent decline was such that the price even settled below the $420 level and the 100 hourly simple moving average. It traded as low as $405 and it is currently recovering higher. An initial resistance is near the $415 level.

The 23.6% Fib retracement level of the recent decline from the $447 swing high to $405 low is also near the $415 level to act as a hurdle. Moreover, there is a new bearish trend line forming with resistance near $420 on the hourly chart of ETH/USD.

Ethereum

Ethereum price trades below $420. Source: TradingView.com

The main resistance is now forming near the $425 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $447 swing high to $405 low is also near the $425 level.

A successful break above the $415, $420, and $425 resistance levels is needed to start a fresh increase. In the mentioned case, the bulls are likely to push the price towards the $445 and $450 resistance levels.

Crucial Uptrend Support for ETH

If Ethereum fails to recover above $420 or $425, it could continue to move down. The first support is near the recent low at $405.

The main support is near the $400 level (the last key breakout zone) or $398. If there are more losses below $395, the price could start a major downside correction towards $380 or even $365.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now well below the 40 level.

Major Support Level – $400

Major Resistance Level – $425

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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.

Read more

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

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