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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Drops Below The 100-Day Moving Average – What’s Next?

Godspower Owie
Godspower Owie
1 year ago
2 mins read
Ethereum

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The crypto market is experiencing a pullback after Bitcoin, the leading cryptocurrency, reached a new all-time high. However, Ethereum (ETH) is not left out in this downward move.

After setting a new yearly high of $4,094, the price of Ethereum has been moving downward and this has led to the price trading below the 100-day Moving Average (MA) both in the 1-hour and 4-hour timeframes, but this is not so in the daily timeframe. 

Will the price continue downward or will it change direction and start moving upward? At the time of writing, Ethereum’s price was trading around $3,360 and was up by 0.64% in the last 24 hours.

Ethereum Indicators And What They Suggest

Looking at the chart, technically we can see that a support level of $3,067 and a resistance level of $3,681 and $3,591 have been formed respectively. Nonetheless, there could be more support and resistance created if the price continues to move downward.

4-Hour Moving Average: A technical observation of the chart from the 4-hour timeframe as seen in the image below reveals that the price is trending below the 100-day moving average. This suggests that the price is on a downtrend and could potentially move further downward.

Ethereum

 4-Hour RSI indicator: With the help of the Relative Strength Index indicator (RSI) we can see the RSI signal line is trending below the 50 line. This is a strong indication that the price of Ethereum is in a downward trend as observed in the image above.

MACD Indicator: Taking a close look at the MACD indicator in the 4-hour timeframe, it appears that the MACD histogram has dropped below the zero line. In addition, both the MACD line and the signal line have crossed below the zero line. 

This setup indicates that the price is still bearish and there are possibilities that it could still move downward. The image below provides more details:

Ethereum

Possible Outcome

If the price of Ethereum continues downward and breaks below the support level of $3,067, it could move further downward to create a new support level. However, if the price fails to break below this support level, we could see a price reversal and may start a fresh trend upward. Thus there could be a possibility that the price could break above the resistance levels of $3,681 and $3,591 respectively, and continue its bullish run.

Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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Ad discliamer

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