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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Nosedives 10%, But This Support Could Trigger Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a sharp decline after it failed to stay above the $450 support against the US Dollar. ETH price is likely to bounce back as long as it is above the $406 support zone.

  • Ethereum is down over 10% and it broke the $460 and $450 support levels.
  • The price even traded close to the $420 support and settled below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $438 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to resume its upward move as long as it is above $420 or $406 in the near term.

Ethereum Price Testing Key Support

After trading close to the $500 handle, Ethereum started a downside correction against the US Dollar. ETH price broke the $460 support zone to move into a short-term bearish zone.

However, the bulls lost control and ether price declined sharply below the $450 support level. The price is down over 10% and it even broke the $435 support. It traded close to the $420 support and settled below the 100 hourly simple moving average.

A low is formed near $422 and the price is currently attempting an upside correction. There was break above the $435 level, plush ether recovered above the 23.6% Fib retracement level of the recent decline from the $490 swing high to $422 low.

Ethereum

Ethereum price trades below $440. Source: TradingView.com

The bulls are currently struggling to gain pace above $435 and $440. There is also a key bearish trend line forming with resistance near $438 on the hourly chart of ETH/USD.

The next key resistance is near the $455 level since it is close to the 50% Fib retracement level of the recent decline from the $490 swing high to $422 low. On the downside, the price is likely to remain well bid near the $420 level. The next major support is near the $406 level, below which Ethereum could move into a bearish zone.

Fresh Increase in ETH

If Ethereum stays above the $420 support zone, it could start a fresh increase above $438 and $440. A successful break above $440 might increase chances of a push above $450.

In the mentioned case, the bulls need to gain strength above the $455 resistance. If they succeed, the price is likely to rise steadily towards $480 and $485.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.

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

Major Support Level – $420

Major Resistance Level – $440

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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How Our News is Made

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