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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum failed again to settle above the $1,620 zone against the US Dollar. ETH is sliding and might struggle to stay above the $1,480 support.

  • Ethereum started another decline after there was a false break above $1,620.
  • The price is now trading below $1,560 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase unless there is a clear move below the $1,480 support.

Ethereum Price Tests Key Support

Ethereum made another attempt to clear the $1,620 resistance zone. ETH even spiked above the $1,640 and $1,650 levels. However, the bears were active near the $1,660 level.

A high was formed near $1,662 and the price started a fresh decline. There was a downside break below the $1,560 and $1,550 levels. Ether price declined below the 50% Fib retracement level of the upward move from the $1,488 swing low to $1,662 high.

The price is now trading below $1,560 and the 100 hourly simple moving average. It is also trading below the 76.4% Fib retracement level of the upward move from the $1,488 swing low to $1,662 high.

However, it is still above the $1,500 support. Besides, there is a key bullish trend line forming with support near $1,500 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,530 level. The first major resistance is near the $1,550 zone and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

The main breakout zone is now forming near the $1,620 zone. A clear move above the $1,620 level could start a decent increase. The next key barrier is near the $1,660 level, above which the price might rise towards the $1,700 resistance zone.

More Losses in ETH?

If ethereum fails to rise above the $1,550 resistance, it could continue to move down. An initial support on the downside is near the $1,500 zone and the trend line.

A clear move below the trend line support might push the price towards the $1,480 support zone. Any more losses might even push ether price to the $1,400 support.

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 – $1,480

Major Resistance Level – $1,550

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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

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