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Ethereum Price ETH

TA: Ethereum Breaks USD 4K, Indicators Suggest Short-term Recovery

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum extended decline below the $4,200 support against the US Dollar. ETH spiked below $4,000 and it might now correct higher in the short-term.

  • Ethereum started a fresh decline from the $4,350 and $4,300 resistance levels.
  • The price is now trading below $4,200 and the 100 hourly simple moving average.
  • There is a new rising channel forming with support near $4,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend losses if there is a proper close below $4,000 in the near term.

Ethereum Price Turns Red

Ethereum faced a strong resistance near the $4,350 zone. ETH formed a top near $4,350 before there was a sharp decline. The bears gained strength for a move below the $4,200 support and the 100 hourly simple moving average.

The decline extended below the $4,100 level. Ether price even spiked below the $4,000 level and a low is formed near $3,958. It is now consolidating near the $4,000 level. An immediate resistance on the upside is near the $4,050 level.

The 23.6% Fib retracement level of the recent decline from the $4,343 swing high to $3,958 low. The next major resistance is near the $4,100 level. There is also a new rising channel forming with support near $4,000 on the hourly chart of ETH/USD.

Ethereum Price

The main barrier is now forming near the $4,150 zone. It is near the 50% Fib retracement level of the recent decline from the $4,343 swing high to $3,958 low. A break above the $4,150 level may possibly spark a fresh rally. The next key resistance is near the $4,250 level. Any more gains could lead the price towards the $4,350 level in the near term.

More Losses in ETH?

If ethereum fails to climb above the $4,150 and $4,200 resistance levels, it could extend its decline. An initial support on the downside is near the $4,000 level.

The first major support is near the $3,950 level. A clear break below the $3,950 support could spark additional losses. The next major support is near the $3,850 level, below which the price could slide towards the $3,500 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is slowly moving higher towards the 50 level.

Major Support Level – $4,000

Major Resistance Level – $4,150

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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