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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

TA: Ethereum Revisits $2.8K, Why Upsides Might Be Limited

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started another decline from the $3,030 resistance against the US Dollar. ETH even spiked below $2,800 and currently attempting an upside correction.

  • Ethereum started a major decline below the $2,950 and $2,860 support levels.
  • The price is now trading below $2,950 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $2,800 support to start a decent recovery in the near term.

Ethereum Price Restarts Decline

Ethereum failed to gain pace for a move above the $3,030 resistance. ETH formed a top and started a major decline below the $2,950 support. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

There was a sharp move below the $2,900 level and the 100 hourly simple moving average. Ether price even spiked below the $2,800 support zone. A new weekly low is formed near $2,766 and the price is now consolidating losses. It recovered above the $2,800 level.

There was a break above the 23.6% Fib retracement level of the recent decline from the $3,041 swing high to $2,766 low. On the upside, an initial resistance is seen near the $2,860 level.

The next major resistance is near the $2,900 level. There is also a key bearish trend line forming with resistance near $2,910 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $3,041 swing high to $2,766 low.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear move above the $2,910 resistance might start another increase. The next major resistance on the upside might be $2,950. Any more gains may perhaps send the price towards the $3,030 resistance.

More Losses in ETH?

If ethereum fails to gain pace above the $2,900 level, it could continue to move down. An initial support on the downside is near the $2,800 zone.

The first major support is near the $2,765 level. If there is a downside break below the $2,765 support, the price could start another decline. The next key support is near the $2,650 zone, below which there is a risk of a move towards $2,500. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical Indicators

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

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

Major Support Level – $2,765

Major Resistance Level – $2,910

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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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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

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