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

TA: Ethereum Could Take Hit As The Bulls Show Weak Hands

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum extended losses below the $1,850 support against the US Dollar. ETH could decline further if there is a clear move below the $1,800 level.

  • Ethereum started a fresh decline from the $1,950 resistance zone.
  • The price is now trading below $1,900 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,920 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bearish momentum if there is a clear move below the $1,800 level.

Ethereum Price Remains At Risk

Ethereum remained in a bearish zone below the $2,000 resistance zone. ETH traded below the $1,850 support zone to move further into a bearish zone.

The decline found support near the $1,820 level. Ether price is now consolidating losses above the $1,820 level. It is now trading below $1,900 and the 100 hourly simple moving average. The bears are active near the 23.6% Fib retracement level of the recent decline from the $1,956 swing high to $1,820 low.

An immediate resistance on the upside is near the $1,885 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $1,956 swing high to $1,820 low.

The main resistance is now forming near the $1,900 and $1,920 levels. There is also a major bearish trend line forming with resistance near $1,920 on the hourly chart of ETH/USD. A clear move above the $1,920 resistance could push the price towards the $1,950 level.

Ethereum Price

Source: ETHUSD on TradingView.com

To move into a positive zone, the price must clear the $1,950 level. In the stated case, the price may perhaps rise towards the $2,000 level.

More Losses in ETH?

If ethereum fails to rise above the $1,920 resistance, it could continue to move down. An initial support on the downside is near the $1,820 zone.

The next major support is near $1,800, below which there could be more losses. In the stated case, ether price may perhaps decline towards the $1,760 level. Any more losses may perhaps open the doors for a move towards the $1,700 level.

Technical Indicators

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

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

Major Support Level – $1,800

Major Resistance Level – $1,920

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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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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

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