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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

TA: Ethereum Price Plunges 5%, Can Buyers Save The Key $335 Support?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Ethereum is down over 5% and it broke the key $350 support level against the US Dollar. ETH price is testing the $335 support and it remains at a risk of more losses.

  • Ethereum failed to surpass the main $355 resistance zone, and declined 5%.
  • The price is now trading near the $335 support and it is well below the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support at $352 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover higher as long as buyers are able to protect the $335 support zone.

Ethereum Price is Testing Important Support

Ethereum made a couple of attempts to clear the $355 resistance zone, but it failed to gain bullish momentum. ETH price topped near the $355 level and recently started a sharp decline (5%).

The decline was initiated after there was a break below a key contracting triangle with support at $352 on the hourly chart of ETH/USD. Ether price gained pace below the $350 support and the 100 hourly simple moving average.

The price even spiked below the key $335 support and traded as low as $333. It is currently correcting higher and trading above $335. Ether is currently testing the 23.6% Fib retracement level of the downward move from the $355 high to $333 low.

Ethereum Price

Ethereum price dives 5%. Source: TradingView.com

On the upside, the first key resistance is near the $342 level or the 50% Fib retracement level of the downward move from the $355 high to $333 low. The main resistance is now forming near the $350 level and the 100 hourly simple moving average.

To start a fresh increase, buyers need to gain strength above the $342 and $350 resistance levels. The key breakout zone is still near the $355 level.

Downside Break in ETH?

If Ethereum fails to start a decent recovery wave above the $342 resistance, there is a risk of more losses. The main breakdown support for ether is near the $335 zone.

A daily close below the $335 support and then a follow up move below $330 could spark more losses. The next major support is near the $320 level, below which it could revisit $305.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now well below the 40 level, with no clear recovery signs.

Major Support Level – $335

Major Resistance Level – $342

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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

Ad discliamer

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