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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum
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TA: Ethereum Faces Key Challenge, Why Fresh Decline Still Possible

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

Ethereum started a recovery wave above the $2,840 level against the US Dollar. ETH is now facing a major challenge near $2,905 and the 100 hourly SMA.

  • Ethereum started a decent recovery wave above the $2,840 and $2,850 levels.
  • The price is still below $2,900 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $2,900 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $2,900 and $2,915 resistance levels to continue higher.

Ethereum Price Faces Resistance

Ethereum traded as low as $2,766 before it started a recovery wave. ETH was able to settle above the $2,800 resistance zone. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

There was a move above the $2,840 and $2,850 resistance levels. Ether even climbed above the 23.6% Fib retracement level of the key drop from the $3,040 swing high to $2,766 low. It is still below $2,900 and the 100 hourly simple moving average.

On the upside, an initial resistance is seen near the $2,900 level. There is also a major bearish trend line forming with resistance near $2,900 on the hourly chart of ETH/USD.

Besides, the 100 hourly simple moving average is acting as a barrier near $2,900. The next major resistance is near the $2,905 level. It is near the 50% Fib retracement level of the key drop from the $3,040 swing high to $2,766 low. A clear move above the $2,900 resistance might start another increase.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance on the upside might be $2,975. Any more gains may perhaps send the price towards the $3,030 resistance. Any more gains might send the price towards the $3,120 level.

Fresh Decline in ETH?

If ethereum fails to gain pace above the $2,900 resistance, it could start a downside correction. An initial support on the downside is near the $2,860 zone.

The first major support is near the $2,850 level. If there is a downside break below the $2,850 support, the price could revisit the key $2,800 support zone. Any more losses may perhaps open the doors for a larger decline towards the $2,600 level or even $2,550. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is just above the 50 level.

Major Support Level – $2,850

Major Resistance Level – $2,900

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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