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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

TA: Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level 2022-03-08

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum extended decline below the $2,500 support zone against the US Dollar. ETH price is recovering, but it must clear $2,680 to start a decent increase.

  • Ethereum extended decline below the $2,500 support before correcting higher.
  • The price is now trading below $2,600 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady recovery wave if it clears $2,600 and $2,680.

Ethereum Price Faces Hurdle

Ethereum remained in a bearish zone below the $2,650 level. ETH even extended decline below the $2,500 support level and settled below the 100 hourly simple moving average.

A low was formed near $2,445 and the price is now correcting losses. There was a move above the $2,500 resistance level. Ether price even spiked above the 50% Fib retracement level of the recent decline from the $2,648 swing high to $2,445 low.

However, the bears remained active near the $2,570 level. It is near the 61.8% Fib retracement level of the recent decline from the $2,648 swing high to $2,445 low.

The first major resistance is seen near the $2,600 level (the recent breakdown zone). There is also a key bearish trend line forming with resistance near $2,600 on the hourly chart of ETH/USD. The next major resistance might be near the 100 hourly simple moving average and the $2,680 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the 100 hourly SMA and then $2,680 might start a steady increase. In the stated case, the price might rise towards $2,800 or even $2,880.

More Downsides in ETH?

If ethereum fails to start a fresh increase above the $2,600 level, it could start another decline. An initial support on the downside is near the $2,500 level.

The next major support is near the $2,445 low, below which the price might gain bearish momentum. In the stated case, ether price could decline towards the $2,400 support zone. Any more losses might call for a move towards the $2,300 level in the near term.

Technical Indicators

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

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

Major Support Level – $2,500

Major Resistance Level – $2,680

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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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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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