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Home Cryptocurrency news Ethereum

Ethereum is Plunging, But It’s Too Early to Say Bulls Have Given Up

Aayush Jindal by Aayush Jindal
10 months ago
in Ethereum, Technical analysis
Reading Time: 2min read
Ethereum is Plunging, But It’s Too Early to Say Bulls Have Given Up
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Ethereum is down more than 6% and it broke the $235 support against the US Dollar. ETH tested the $228 support zone and it is currently correcting higher.

  • Ethereum declined sharply after it failed to surpass the $250 resistance.
  • The price is currently holding the $228 support, but it is well below the 100 hourly simple moving average.
  • There was a break below a major triangle with support near $244 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting higher and it might face sellers near the $235 zone.

Ethereum Price Drops 6%

Yesterday, Ethereum faced a strong rejection near the main $250 resistance against the US Dollar. ETH price formed a high near the $250 level and recently started a sharp decline below $245.

The recent drop was initiated after there was a break below a major triangle with support near $244 on the hourly chart of ETH/USD. It opened the doors for more losses below the $240 level and the 100 hourly simple moving average.

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Ether price even broke the key $235 support and traded close to the $225 support. A low is formed near $228 and the price is currently correcting higher. It is approaching the 23.6% Fib retracement level of the recent decline from the $250 swing high to $228 low.

Ethereum Price

Ethereum price trades below $235. Source: TradingView.com

On the upside, there is a crucial resistance forming near the $235 level (a multi-touch zone). If Ethereum closes above the $235 resistance, it could test the 50% Fib retracement level of the recent decline from the $250 swing high to $228 low at $238.

Any further gains may perhaps open the doors for a fresh increase towards the significant resistance at $250 in the coming sessions.

Breakdown Support for ETH

On the downside, the $228 and $225 levels are important supports. If Ethereum fails to stay above the $225 support, it will negate the chances of a near-term recovery.

In the mentioned bearish case, the price is likely to continue lower below the $220 level. The next major support is near the $215 level, where the bulls may take a stand.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now just below the 40 level, with a bearish angle.

Major Support Level – $225

Major Resistance Level – $235

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Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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