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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Turns Red, Why ETH’s Recovery Could Be Limited

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is following a bearish path below $4,100 against the US Dollar. ETH could recover, but upsides might be capped near $4,050 and $4,110.

  • Ethereum extended its decline below the $4,100 and $4,000 support levels.
  • The price is now trading below $4,100 and the 100 hourly simple moving average.
  • There was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline if there is a break below $3,900 in the near term.

Ethereum Price Could Extend Losses

Ethereum failed to stay above the $4,120 and $4,100 support levels. ETH extended its decline below $4,000 and moved into a bearish zone, like bitcoin.

There was also a close below the $4,000 level and the 100 hourly simple moving average. Besides, there was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD. The price spiked below the $3,920 level and traded as low as $3,889.

Ether price is now consolidating losses above the $3,900 level. The price is trading above the 23.6% Fib retracement level of the downward move from the $4,313 swing high to $3,889 low. An immediate resistance on the upside is near the $4,010 level and a declining channel on the same chart.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,100 level. It is near the 50% Fib retracement level of the downward move from the $4,313 swing high to $3,889 low. A break above the $4,100 level may possibly push the price above the $4,200 level in the near term. Any more gains could lead the price towards the $4,320 level.

More Losses in ETH?

If ethereum fails to recover above the $4,050 and $4,100 resistance levels, it could continue to move down. An initial support on the downside is near the $3,950 level.

The first major support is near the $3,920 level. The main support is near the $3,900 level. Any more downsides could lead the price towards the $3,800 support. The next major support for the bulls is near the $3,720 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.

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

Major Support Level – $3,900

Major Resistance Level – $4,100

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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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