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

Ethereum Gains Bearish Momentum, Why ETH Could Test $1,280

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum extended its decline below $1,450 against the US Dollar. ETH price is gaining bearish momentum and it could even test the $1,280 support.

  • ETH price remained in a bearish zone below the $1,650 and $1,700 resistance levels against the US Dollar.
  • The price is trading well below $1,500 and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance at $1,500 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower towards the $1,280 support as long as it is below $1,500.

Ethereum Turns Red

This past week, bitcoin and ethereum saw a steady decline below $50,000 and $1,700 respectively against the US Dollar. ETH even traded below the $1,500 support zone and settled well below the 100 simple moving average (4-hours).

It traded as low as $1,364 before correcting higher. There was a recovery above $1,600, but ether failed to settle above $1,700. It traded as high as $1,723 before starting a fresh decline. It is back below $1,500 and it is approaching the $1,350 support.

There is also a major bearish trend line forming with resistance at $1,500 on the 4-hours chart of ETH/USD. If there are more losses, the price could move down towards the $1,280 support. It is close to the 1.236 Fib extension level of the upward move from the $1,364 low to $1,723 high.

Ethereum

Source: ETHUSD on TradingView.com

The next major support below the $1,280 level is near the $1,140 level. The 1.618 Fib extension level of the upward move from the $1,364 low to $1,723 high is also near the $1,140 level. The next major support zone is seen near the $1,100 level.

Upsides Limited in Ether (ETH)?

If Ethereum starts a fresh increase, it could correct above the $1,450 resistance. The first major resistance is near the $1,500 level and the bearish trend line.

A close above the trend line is needed for a strong increase towards the $1,650 resistance. To start a strong increase, the price must settle above $1,700. Any more gains could open the doors for a move towards the $1,800 level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

4 hours RSI – The RSI for ETH/USD is still below the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,500

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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