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Ethereum
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TA: Ethereum Corrects Sharply, Why ETH Could Struggle To Reclaim $1,800

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

Ethereum started a sharp decline after it failed to surpass the $1,850 resistance against the US Dollar. ETH price tested $1,660 and it is currently facing hurdles near $1,760.

  • Ethereum started a strong downside correction from the $1,850 and $1,860 resistance levels.
  • The price is now trading well below $1,800 and the 100 hourly simple moving average.
  • There was a break below a major contracting triangle with support near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover, but it might face a strong resistance near $1,760 and $1,780.

Ethereum Price Dips 8%

Ethereum failed to extend gains above the $1,850 and $1,860 resistance levels. ETH started a fresh decline (similar to bitcoin) from the $1,834 swing high and it declined more than $150.

There was a break below the $1,800 support level and the 100 hourly simple moving average. There was also a break below a major contracting triangle with support near $1,790 on the hourly chart of ETH/USD.

Ether price tumbled below the $1,750 support and it even spiked below the $1,700 level. The bulls appeared near the $1,650 and $1,660 levels and protected more downsides. A low is formed near $1,664 and the price is currently recovering.

Ethereum Price

Source: ETHUSD on TradingView.com

It is back above the $1,680 and $1,700 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $1,834 high to $1,664 low.

On the upside, the first key resistance is near the $1,750 level. It is close to the 50% Fib retracement level of the recent decline from the $1,834 high to $1,664 low. The next major resistance is near the $1,760 level (a multi-touch zone).

The main resistance is now forming near the $1,790 and $1,800 levels (the recent breakdown zone). The 100 hourly simple moving average is also positioned near the $1,800 level.

More Downsides in ETH?

If Ethereum fails to clear the $1,750 and $1,760 resistance levels, it could continue to move down. On the downside, the first major support is near the $1,700 level.

The main support is near the $1,660 level. If there is a close below the $1,700 level and a follow up move below $1,660, the price could dive towards the $1,600 support level.

Technical Indicators

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

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

Major Support Level – $1,700

Major Resistance Level – $1,760

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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