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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

TA: Ethereum Dives To $550, Why More Downsides Seem Likely

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a strong decline after it failed to surpass $600 against the US Dollar. ETH price declined over 6% and it is now trading near the $550 level.

  • Ethereum started a strong decline after it failed to clear the $600 and $602 resistance levels.
  • The price broke the key $585 support and settled below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but it is likely to face resistance near $565 and $570.

Ethereum Price Broke Key Support

After many failures, bitcoin and Ethereum declined below the $19,000 and $585 support levels. ETH price gained bearish momentum below the $580 level and it settled well below the 100 hourly simple moving average.

The bears were able to push the price below the $565 support level. Ether price even spiked below the $550 support and traded as low as $541. It is currently correcting higher and trading above the $545 level.

An initial resistance is near the $552 and $555 levels. The 23.6% Fib retracement level of the recent decline from the $595 swing high to $541 low is also near the $554 level. The first major resistance on the upside is near the $565 level (the recent breakdown zone).

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $595 swing high to $541 low is also near the $568 level. Moreover, there is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD.

Therefore, ether price is likely to face a strong selling interest if it recovers above $555 and climbs higher towards the $565 and $570 level in the near term.

More Losses in ETH?

If ethereum fails to clear the $555 and $565 resistance levels, it could continue to move down. An initial support is near the $542 and $540 levels.

A downside break below the $540 support zone may perhaps spark more losses towards the $525 level. The next major support is near the $500 zone, where the bulls are likely to take a stand.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is showing negative signs in the bearish zone.

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

Major Support Level – $540

Major Resistance Level – $565

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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.

Read more

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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