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Ethereum

Ethereum Nosedives From $415, But Technicals Suggest Uptrend Isn’t Over Yet

Aayush Jindal by Aayush Jindal
3 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read

Ethereum rallied more than 5% and broke the $400 resistance against the US Dollar. ETH price retreated sharply from $415, but technicals suggest uptrend remains intact above $340.

  • ETH price surged above the $380 and $400 resistance levels against the US Dollar.
  • There was a strong bearish reaction from the $415 level and the price dumped more than $50.
  • There are two key bullish trend lines forming with support near $365 and $340 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to recover and rise above $380 as long as it is trading above $340.

Ethereum Price is Correcting Gains

In the past few days, there was a strong increase in Ethereum above the $300 and $320 levels against the US Dollar. ETH price even broke the $350 resistance and settled well above the 100 simple moving average (4-hours).

The upward move was strong and ether surged above the $380 and $400 levels. The price traded to a new multi-moth high near the $415 level and it is currently correcting lower. There was a sharp bearish reaction from the $415 swing high and the price dropped more than $50.

There was a huge spike below the $350 support level. The price even dumped below the 50% Fib retracement level of the recent surge from the $316 swing low to $415 high. However, ether remained well bid near the $300 support level and the 100 simple moving average (4-hours).

Ethereum

Ethereum price trades above $400. Source: TradingView.com

It traded close to the 1.236 Fib extension level of the recent surge from the $316 swing low to $415 high. More importantly, there are two key bullish trend lines forming with support near $365 and $340 on the 4-hours chart of ETH/USD.

The pair is currently recovering and it is back above the $350 level. An initial resistance is near the $380 level, above which the bulls may perhaps push the price above $400. A daily close above the $400 level could lead the price towards the $420 and $432 levels in the coming days.

Downsides Limited in Ether (ETH)?

If Ethereum remains below the $400 and $380 resistance levels, there could be more downsides. The first major support is near the $340 level, below which the price might struggle in the short term.

The next major support is near the $305 and $300 levels (the recent breakout zone), below which the bears are likely to target an extended correction towards the $280 support level.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is still above the 50 level.

Major Support Level – $340

Major Resistance Level – $380

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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