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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price is Struggling, But It’s Too Early to Say Bulls Have Given Up

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum price started a fresh decline from the $1,800 resistance against the US Dollar. ETH could decline further if the bulls fail to protect the $1,680 support.

  • Ethereum started a downside correction below $1,780 and $1,750.
  • The price is trading below $1,750 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline if it stays below $1,740 and $1,750.

Ethereum Price Extends Decline

Ethereum price struggled to gain pace above the $1,800 resistance zone. ETH traded as high as $1,801 and recently started a fresh decline. There was a clear move below the $1,750 support zone.

The price declined over 3% and traded below $1,720, similar to bitcoin. A low is formed near $1,687 and the price is now consolidating losses. It is now consolidating near the 23.6% Fib retracement level of the recent decline from the $1,801 swing high to $1,687 low.

Ether price is also trading below $1,750 and the 100 hourly simple moving average. Besides, there is a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $1,745 zone and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $1,801 swing high to $1,687 low. The next major resistance is near the $1,760 zone. A clear move above the $1,760 resistance zone might start a steady increase.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance might be $1,800. Any more gains could set the pace for a test of the $1,860 resistance zone in the near term.

Downside Break in ETH?

If ethereum fails to clear the $1,745 resistance, it could start another decline. An initial support on the downside is near the $1,700 level.

The next major support is near the $1,685 zone. If there is a break below $1,685, the price might gain bearish momentum and drop towards $1,600. Any more losses might call for a test of the $1,550 level.

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 – $1,685

Major Resistance Level – $1,745

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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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