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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Dips Further But 100 SMA Is The Key To Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum price is correcting gains from the $1,780 zone against the US Dollar. ETH must stay above the 100 hourly SMA to start a fresh increase.

  • Ethereum started a downside correction from the $1,780 resistance zone.
  • The price is trading above $1,600 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $1,695 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could take a major hit if there is a downside break below the $1,600 support.

Ethereum Price Corrects Gains

Ethereum price started a downside correction after it failed to clear the $1,800 resistance zone. ETH traded below the $1,700 level to enter a short-term bearish zone, similar to bitcoin.

There was a steady decline below the $1,680 and $1,650 levels. Besides, there was a break below a key bullish trend line with support near $1,695 on the hourly chart of ETH/USD. The pair settled below the 50% Fib retracement level of the upward move from the $1,570 swing low to $1,784 high.

Ether price is still trading above $1,600 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the upward move from the $1,570 swing low to $1,784 high.

On the upside, the price is facing resistance near the $1,650 zone. The first major resistance is near the $1,665 zone. The next major resistance is near the $1,700 level. A close above the $1,700 resistance zone might start another major increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In this case, the price may perhaps rise towards the $1,800 resistance level. Any more gains might send the price towards $1,880.

Downside Break in ETH?

If ethereum fails to clear the $1,700 resistance, it could start another decline. An initial support on the downside is near the $1,630 level and the 100 hourly SMA.

The next major support is near the $1,600 zone. If there is a break below $1,600, the price might drop towards $1,550. Any more losses might call for a test of the $1,485 level.

Technical Indicators

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

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

Major Support Level – $1,600

Major Resistance Level – $1,700

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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