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Ethereum Price
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Ethereum Price Just Signaled “Sell” And It’s Vulnerable to More Downsides

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

Ethereum started a fresh decline from the $1,350 resistance against the US Dollar. ETH traded below $1,300 and is showing bearish signs.

  • Ethereum started another decline and traded below the $1,300 support.
  • The price is now trading below $1,290 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $1,290 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down unless the price climbs above the $1,300 resistance.

Ethereum Price Restarts Decline

Ethereum price failed to clear the $1,350 resistance zone. ETH formed a top near $1,350 and started a fresh decline. There was a clear move below the $1,300 support and the 100 hourly simple moving average, similar to bitcoin.

During the decline, there was a break below a major bullish trend line with support near $1,290 on the hourly chart of ETH/USD. The price settled below the 61.8% Fib retracement level of the upward wave from the $1,240 swing low to $1,349 swing high.

Ether price is now trading below $1,290 and the 100 hourly simple moving average. It is also consolidating near the 76.4% Fib retracement level of the upward wave from the $1,240 swing low to $1,349 swing high.

An immediate resistance on the upside is near the $1,285 level and the 100 hourly simple moving average. The first major resistance is near the $1,300 and $1,305 levels. A close above the $1,305 resistance might start a fresh increase.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance could be $1,350, above which ether could rise towards $1,400. Any more gains might send the price towards the $1,480 resistance zone.

More Losses in ETH?

If ethereum fails to climb above the $1,300 resistance, it could continue to move down. An initial support on the downside is near the $1,260 level.

The next major support is near the $1,240 level, below which the price could gain bearish momentum towards the $1,200 support. Any more losses could lead the price towards the $1,100 support.

Technical Indicators

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

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

Major Support Level – $1,260

Major Resistance Level – $1,300

Tags: ETHethereumethusdETHUSDT
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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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