TA: Ethereum Bears Keeps Fighting, Why ETH Could Slide Again

Aayush Jindal

1 year ago

2 mins read

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Ethereum started a decent upward move above $620 and $630 against the US Dollar. ETH price failed to clear $640 and it is currently struggling to stay above $620.

Ethereum remained well bid above the $590 zone and recovered above $620.
The price is now consolidating near $620, but it is below the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $625 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could slide again if it fails to stay above the $620 support zone.

Ethereum Price is Struggling to Stay above $620

After a downside extension, Ethereum found support near the $590 zone. ETH traded as low as $588 before it started a fresh increase above the $600 pivot level.

The bulls were able to push the price above the $620 resistance level. There was also a break above a connecting bearish trend line with resistance near $625 on the hourly chart of ETH/USD. Ether even surged above the $630 level and the 100 hourly simple moving average.

However, it failed to clear the $638-$640 zone. A high is formed near $639 and the price is currently declining. There was a break below the $630 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The price is trading below the 23.6% Fib retracement level of the recent wave from the $588 low to $639 high. Ether is now trading near the broken trend line and the $620 support. A downside break below $620 might spark another decline.

The next support is near the $612 level or the 50% Fib retracement level of the recent wave from the $588 low to $639 high. Any more losses could lead the price towards the $600 level.

Fresh Increase in ETH?

If ethereum stays above the $620 support level, it could start a fresh increase. An initial resistance on the upside is near the $628 level or the 100 hourly SMA.

The first major resistance is near the $634 level, followed by the $640 zone. A clear break above the $640 zone could open the doors for a sustained upward move towards the $650 and $660 levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently close to the 50 level.

Major Support Level – $620

Major Resistance Level – $635

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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