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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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TA: Ethereum Plunges, What Could Push ETH Below $4K

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

Ethereum failed to stay above the $4,250 support against the US Dollar. ETH could extend losses below $4,000 if it fails to recover above the $4,250 resistance.

  • Ethereum started a fresh decline from well above the $4,350 and $4,300 levels.
  • The price is now trading below $4,250 and the 100 hourly simple moving average.
  • There is a short-term declining channel forming with resistance near $4,250 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower if there is a clear break below the $4,000 support zone.

Ethereum Price Eyes More Downsides

Ethereum failed to stay above the $4,350 support level and extended decline, similar to bitcoin. ETH price declined sharply below the $4,300 and $4,250 support levels.

There was also a break below the $4,120 support. It is now trading below $4,250 and the 100 hourly simple moving average. A low is formed near $4,067 and ether is now consolidating losses. An initial resistance on the upside is near the $4,180 level.

The first major resistance is near the $4,250 level. There is also a short-term declining channel forming with resistance near $4,250 on the hourly chart of ETH/USD. The channel is close to the 23.6% Fib retracement level of the recent decline from the $4,269 high to $4,067 low.

The next major resistance is near the $4,350 level. The main breakout zone could be $4,420. It is near the 50% Fib retracement level of the recent decline from the $4,269 high to $4,067 low.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $4,420 level could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,600 level. Any more gains could lift the price towards the next key hurdle at $4,750.

More Losses in ETH?

If ethereum fails to continue higher above the $4,250 and $4,350 resistance levels, it could continue to move down. An initial support on the downside is near the $4,080 level.

The first key support is now forming near the $4,050 level. A downside break below the $4,050 support might push the price below the $4,000 support. The next key support is near $3,850.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now near the 30 level.

Major Support Level – $4,050

Major Resistance Level – $4,250

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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