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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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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

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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

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