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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

3 Takeaways Suggesting Ethereum Could Extend Its Slide To $192

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum reacted to the downside after it failed to clear the $215 resistance against the US Dollar. ETH price is currently showing bearish signs and it could decline to $200 or $192.

  • Ethereum is slowly moving lower and now trading well below the $215 resistance.
  • The price is struggling to stay above $210 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower below $205 and $200 as long as it is below $215.

Ethereum Price Likely To Lose Battle Near $215

Ethereum price made many attempts to clear the $216 resistance zone against the US Dollar, but it failed. ETH price formed a swing high near $215 and recently started a fresh decline.

There was a break below the $212 and $210 support levels. Ether even broke the $208 support and the 100 hourly simple moving average. However, the $205-$206 support zone stalled the recent decline.

A low is formed near $205 and the price is currently correcting losses. It tested the $210 level, which acted as a resistance. The 50% Fib retracement level of the recent decline from the $215 high to $205 low is also acting as a resistance.

On the upside, there are many hurdles forming near $214 and $215. There is also a major bearish trend line forming with resistance near $214 on the hourly chart of ETH/USD.

Ethereum Price
Ethereum Price

The trend line is close to the 76.4% Fib retracement level of the recent decline from the $215 high to $205 low. A clear break above the $215 resistance area is still a major task. If the bulls finally succeed, there are chances of a strong upward move towards the $220 and $230 levels.

More Losses?

If Ethereum fails to clear the $214 and $215 resistance levels, there could be another decline. The main support is near the $205 and $206 levels.

The current price action, the trend line resistance, and multiple rejections near $215 suggest chances of more losses. There three takeaways could lead the price below $205 in the near term.

If there is a downside break below the $206 and $205 support levels, the price is likely to accelerate towards the $200 level. Any further losses could open the doors for a larger decline towards the $192 support zone.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now well below the 50 level, with a bearish angle.

Major Support Level – $205

Major Resistance Level – $215

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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

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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