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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Ethereum Bears Are Not Done Yet, Here’s Why ETH Could Test $68

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is down more than 50% in a day against the US Dollar. ETH price broke many crucial supports and it is now approaching the $78 and $68 support levels.

  • Ethereum collapsed below $150 and $100 in a harsh market crash against the US Dollar.
  • The price is forming a huge bearish candle on the daily and weekly chart.
  • There was a break below a major bullish trend line with support at $183 on the weekly chart of ETH/USD (data feed via Kraken).
  • Bitcoin price is down more than 45% and it broke the key $5,000 support area.

Ethereum Price Could Dive Further

In the past three sessions, we saw a massive decline in Ethereum from well above the $195 level against the US Dollar. ETH price tumbled more than $100 and broke many important supports to start a strong downtrend.

The decline was such that there was a substantial close below the $150 level and the 100-week simple moving average. Moreover, there was a break below a major bullish trend line with support at $183 on the weekly chart of ETH/USD.

Ethereum Price
Ethereum Price

Ethereum also failed to stay above the 76.4% Fib retracement level of the last major upward move from the $111 swing low to $292 high. It is now trading below the $100 support and it might continue to move down.

An initial support is near the $78 level (the 2018 swing low). If the price fails to stay above the $78 support, it could continue to move down towards the $68 support level.

The mentioned $68 support holds a lot of importance since it is the 1.236 Fib extension level of the last major upward move from the $111 swing low to $292 high. Any further losses could decrease hopes of any crucial bounce in the coming months.

Long Lasting Bearish Trend?

The recent collapse in Ethereum and bitcoin destroyed the market sentiment and the current bearish sentiment might last for a few months.

The market changed its course and in order to recover the bulls need to put up a strong fight. If they are able to protect the $78 and $68 support levels, there are chances of a recovery. The last line of defense in the long term could be the $50 zone.

Technical Indicators

Weekly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Weekly RSI – The RSI for ETH/USD is currently diving below the 40 level, with a bearish angle.

Major Support Level – $68

Major Resistance Level – $125

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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
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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