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Ethereum

Ethereum Close Below $350 Could Spark Larger Degree Correction To $330

Aayush Jindal by Aayush Jindal
3 years ago
in Ethereum, Technical analysis
Reading Time: 2 mins read

Ethereum tested the $370 resistance before correcting lower against the US Dollar. ETH price could start a larger decrease if it fails to stay above $350 and $348.

  • Ethereum started a fresh decline after trading to a new weekly high near $370.
  • The price is now trading below the $355 support and the 100 hourly simple moving average.
  • There was a break below a major ascending channel with support near $355 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower if it breaks the $350 and $348 support levels.

Ethereum Price is Showing Bearish Signs

Ethereum extended its rise above the $365 resistance, but it failed to clear the $370 level. A new weekly high is formed near $370 and ETH price is currently correcting lower (similar to bitcoin).

There was a break below the $365 and $360 levels to start the current decrease. The bears were able to push ether price below the 50% Fib retracement level of the upward move from the $347 low to $369 high.

More importantly, there was a break below a major ascending channel with support near $355 on the hourly chart of ETH/USD. The pair is now trading below the $355 support and the 100 hourly simple moving average.

Ethereum

Ethereum price settles below $355. Source: TradingView.com

An immediate support is near the $352 level. It is close to the 76.4% Fib retracement level of the upward move from the $347 low to $369 high. The first major support is near the $350 and $348 levels. If ether fails to stay above the $348 support level, there is a risk of a larger degree correction.

The next major support is near the $342 level, below which the bearish might aim a test of the $333 support. It represents the 1.618 Fib extension level of the upward move from the $347 low to $369 high.

Fresh Increase in ETH?

If Ethereum manages to stay above the $352 and $350 support levels, it could attempt a fresh increase. An initial resistance for the bulls could be near $355.

The first key resistance might be $362, above which the bulls are likely to aim a new weekly high above the $369 level. The next major resistance is $375, followed by $388.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is currently well below the 40 level, with bearish signs.

Major Support Level – $350

Major Resistance Level – $362

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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