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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

TA: Ethereum Plunges After Rejection: Technicals Remain Bullish

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum failed to clear the $3,850 resistance and resumed decline against the US Dollar. ETH price is holding the $3,680 support, but there is a risk of more downsides.

  • Ethereum started another decline from the $3,850 resistance zone.
  • The price is trading below $3,750 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $3,750 zone and the 100 hourly SMA to turn green in the near term

Ethereum Price Starts Fresh Decline

Ethereum struggled to gain strength above the $3,850 level. As a result, ETH reacted to the downside and traded below the $3,800 level.

There was a break below a major bullish trend line with support near $3,800 on the hourly chart of ETH/USD. The pair declined below the $3,750 support level and the 100 hourly simple moving average. Ether even spiked below the $3,700 level, but the bulls were active near the $3,680 level.

A low was formed near $3,680 and the price is now correcting higher. There was a break above the $3,720 level. The price even spiked above the 50% Fib retracement level of the downward move from the $3,850 swing high to $3,681 low.

It seems like the bears are active near the $3,750 level and the 100 hourly simple moving average. The next major resistance is near the $3,785 level. It is near the 61.8% Fib retracement level of the downward move from the $3,850 swing high to $3,681 low.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear upside break above the $3,785 level could pump the price towards $3,850. Any more gains could send the price towards the $4,000 level. The next main resistance is near the $4,200 level.

Downside Break in ETH?

If ethereum fails to start a fresh increase above the $3,750 level, it could continue to move down. An initial support on the downside is near the $3,700 level.

The first key support is now forming near the $3,680 level. A downside break below the $3,680 level might spark a sharp decline in the near term. The next major support is near the $3,620 level.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is below the 50 level.

Major Support Level – $3,680

Major Resistance Level – $3,750

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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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