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Ethereum Price Action Suggest More Downsides Below $330: Here’s Why

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum is struggling to recover above the $345 and $350 resistance levels against the US Dollar. ETH price is likely to continue lower below $330 unless it recovers above $355.

  • Ethereum corrected a few points higher, but it failed to climb above the $350 level.
  • The price is declining below $345 and it is well below the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support near $340 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower and it could even break the $330 low.

Ethereum Price Could Accelerate Losses

Yesterday, we saw a sharp decline in Ethereum below the $355 support level. ETH price even broke the $340 level and settled well below the 100 hourly simple moving average.

It traded to a new weekly low at $331 and recently started an upside correction. There was a recovery wave above the $340 level. Ether price even climbed above the 23.6% Fib retracement level of the downward move from the $375 high to $331 low.

However, the price struggled to continue above the $350 resistance. It remained well below the $355 resistance, and the 50% Fib retracement level of the downward move from the $375 high to $331 low.

Ethereum Price

Ethereum price struggling below $350. Source: TradingView.com

There was a fresh bearish reaction and there was a break below a key contracting triangle with support near $340 on the hourly chart of ETH/USD. The pair is currently trading just below $340 and facing an increase in selling pressure.

If the price continues to move down, there is a risk of more losses below the $331 low and $330. The next major support is near the $320 level, below which the price may even retest the $310 support.

Upsides Capped in ETH?

If Ethereum starts a fresh recovery wave, it could face hurdles near the $350 level. The first major resistance is near the $355 level (the last key breakdown zone).

A successful close above the $355 resistance might push ether further higher. In the stated case, there are chances of a decent recovery above the $365 and $370 levels in the coming sessions.

Technical Indicators

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

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

Major Support Level – $330

Major Resistance Level – $355

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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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