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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Price Takes Hit, But This Support Could Spark Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum price is declining from the $4,080 zone. ETH is now approaching a major support at $3,500 where the bulls might take a stand.

  • Ethereum started a downside correction from the $3,080 zone.
  • The price is trading below $3,800 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $3,850 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its increase if it clears the $3,850 resistance zone.

Ethereum Price Dips

Ethereum price failed to stay above the $4,000 resistance zone and started a downside correction, like Bitcoin. ETH declined below the $3,920 and $3,850 support levels to enter a short-term bearish zone.

It even spiked below the $3,680 support zone. A low was formed at $3,625 and the price is now consolidating losses. It seems like there is a key bearish trend line forming with resistance at $3,850 on the hourly chart of ETH/USD.

Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,740 level or the 23.6% Fib retracement level of the recent decline from the $4,083 swing high to the $3,625 low.

The first major resistance is near the $3,850 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $4,083 swing high to the $3,625 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near $3,880, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,000 level. If there is a move above the $4,000 resistance, Ethereum could even rise toward the $4,080 resistance. Any more gains might call for a test of $4,150.

More Losses In ETH?

If Ethereum fails to clear the $3,850 resistance, it could continue to move down. Initial support on the downside is near the $3,680 level.

The first major support is near the $3,600 zone. The next key support could be the $3,500 zone. A clear move below the $3,500 support might send the price toward $3,350. Any more losses might send the price toward the $3,250 level.

Technical Indicators

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

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

Major Support Level – $3,600

Major Resistance Level – $3,850

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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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