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Ethereum
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TA: Why Ethereum Must Clear $3,400 For Hopes of a Fresh Increase

Aayush Jindal by Aayush Jindal
10 months ago
in All
Reading Time: 2 mins read
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Ethereum is facing a major resistance near $3,400 against the US Dollar. ETH price could start a fresh decline if it fails to clear the $3,400 resistance zone.

  • Ethereum extended its decline below the $3,250 and $3,200 levels.
  • The price is now trading well below $3,400 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $3,370 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline unless there is a clear break above the $3,400 resistance.

Ethereum Price is Facing Resistance

Ethereum topped near the $3,450 level and started a fresh decline. ETH traded below the $3,220 support level and settled below the 100 hourly simple moving average.

It even broke the $3,160 support and traded as low as $3,115. Recently, there was a recovery wave above the $3,220 level, similar to bitcoin. There was a break above the $3,250 and $3,280 resistance levels. Ether climbed above the 50% Fib retracement level of the recent decline from the $3,450 swing high to $3,115 low.

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However, the price is facing resistance near $3,350 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $3,370 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $3,350 level. The first major resistance is near the $3,380 and $3,400 levels. A proper move above the $3,400 could increase the chances of a steady increase. The next major resistance sits near $3,500. Any more gains could set the pace for a move towards the $3,620 level.

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More Losses in ETH?

If ethereum fails to continue higher above the $3,380 and $3,400 resistance levels, it could start another downward move. An initial support on the downside is near the $3,220 level.

The next major support seems to be forming near the $3,150 level. A downside break below the $3,200 and $3,150 support levels might push the price further lower. In the stated case, the price could even decline below $3,100. The next stop for the bears might be near the $3,000 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,150

Major Resistance Level – $3,400

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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