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Ethereum

TA: Ethereum Breaks Key Support, Why ETH Could Decline Further

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

Ethereum broke the major $1,750 and $1,710 support levels against the US Dollar. ETH price is likely to continue lower below the $1,660 and $1,650 support levels.

  • Ethereum failed to stay above the key $1,750 and $1,710 support levels.
  • The price is currently trading well below $1,710 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,765 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but the previous support near $1,750 could prevent gains.

Ethereum Price Turns Red

Ethereum failed to clear the key $1,850 resistance zone and started a fresh decline, similar to bitcoin. ETH broke the $1,750 support zone to move into a bearish zone.

The price even cleared the $1,710 support level and settled below the 100 hourly simple moving average. It even broke the $1,680 level and traded as low $1,657. It is currently correcting higher and trading above the $1,680 level.

Ether corrected above the 23.6% Fib retracement level of the recent decline from the $1,808 high to $1,657 low. On the upside, the first major resistance is near the $1,710 level. The next key resistance is near the $1,730 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $1,808 high to $1,657 low is also near $1,730. The main resistance is now forming near the $1,750 zone (the recent breakdown zone). If the price breaks the $1,730 and $1,750 resistance levels, it could start a decent increase towards $1,800 or even $1,850. An intermediate resistance could be near the $1,780 level or the 100 hourly simple moving average.

More Losses in ETH?

If Ethereum fails to climb above the $1,730 and $1,750 resistance levels, it could continue to move down. An initial support on the downside is near the $1,665 level.

The next major support is near the $1,650 level. A clear downside break below the $1,650 support may possibly open the doors for a drop towards the $1,600 level. Any more losses will most likely push the price towards the key $1,550 support in the coming days.

Technical Indicators

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

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

Major Support Level – $1,650

Major Resistance Level – $1,750

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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