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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Closes Below $400, Here’s A Key Support Turned Resistance

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
ethereum

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Created by industry experts and meticulously reviewed
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Ethereum nosedived and broke the $400 support zone against the US Dollar. ETH price could correct higher, but the previous support near $400 is likely to act as a major hurdle.

  • Ethereum is down over 10% and it broke the $420 and $400 support levels.
  • The price even traded below the $385 support and settled below the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $400 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher in the short-term, but sellers are likely to remain active near $400.

Ethereum Price Dives 10%

In the past three sessions, there was a strong decline in bitcoin and Ethereum below $11,000 and $400 respectively against the US Dollar. ETH price is down over 10% and it broke the $420 and $400 support levels.

The decline was such that the price even traded below the $385 support and settled below the 100 hourly simple moving average. A new monthly low is formed near $371 and ether is currently consolidating losses.

An initial resistance is near the $390 level. It is close to the 23.6% Fib retracement level of the recent slide from the $445 swing high to $371 low. The first major resistance on the upside is near the $400 level (the previous support and now a major resistance).

Ethereum Price

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

There is also a crucial bearish trend line forming with resistance near $400 on the hourly chart of ETH/USD. The next major resistance is near the $410 level since it is close to the 50% Fib retracement level of the recent slide from the $445 swing high to $371 low.

A successful break above the trend line and then $410 is must to start a fresh increase in the near term. The next key hurdle for the bulls could be $428 and the 100 hourly SMA.

More Losses in ETH?

If Ethereum fails to correct higher above the $400 resistance, it is likely to continue lower. An initial support on the downside is near the $375 level.

A downside break below $375 and $370 could spark a larger decline. The next major support is near the $350 level, where the bulls are likely to take a stand.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 40 level.

Major Support Level – $370

Major Resistance Level – $400

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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