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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Pulls Back: ETH Gains Under Pressure

Aayush Jindal
Aayush Jindal
10 months ago
2 mins read
Ethereum Price Pulls Back

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Ethereum price started a downside correction from the $3,500 resistance zone. ETH declined below $3,440 and might struggle to stay above $3,380.

  • Ethereum is correcting gains from the $3,500 zone.
  • The price is trading above $3,400 and the 100-hourly Simple Moving Average.
  • There was a break below a connecting bullish trend line with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline further if there is a close below the $3,350 support.

Ethereum Price Retreats From $3,500

Ethereum price started a downside correction from the $3,500 resistance zone. ETH declined below the $3,450 and $3,440 support levels to enter a short-term bearish zone, like Bitcoin.

There was a break below a connecting bullish trend line with support at $3,420 on the hourly chart of ETH/USD. The pair even spiked below $3,400 and the 23.6% Fib retracement level of the upward move from the $3,048 swing low to the $3,516 high.

Ethereum is now trading above $3,380 and the 100-hourly Simple Moving Average. If the price stays above the 100-hourly Simple Moving Average, it could attempt a fresh increase. On the upside, the price is facing resistance near the $3,440 level.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $3,450 level. The next major hurdle is near the $3,500 level. A close above the $3,500 level might send Ether toward the $3,550 resistance. The next key resistance is near $3,620. An upside break above the $3,620 resistance might send the price higher toward the $3,750 resistance zone in the coming days.

More Downsides In ETH?

If Ethereum fails to clear the $3,440 resistance, it could continue to move down. Initial support on the downside is near $3,400 and the 100-hourly Simple Moving Average. The first major support sits near the $3,350 zone.

A clear move below the $3,350 support might push the price toward $3,280 and the 50% Fib retracement level of the upward move from the $3,048 swing low to the $3,516 high. Any more losses might send the price toward the $3,200 support level in the near term. The next key support sits at $3,150.

Technical Indicators

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

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

Major Support Level – $3,350

Major Resistance Level – $3,440

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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.

Read more

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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