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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Key Indicators Suggest A Strengthening Case For Correction Below $300

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Uniswap UNI

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Created by industry experts and meticulously reviewed
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Ethereum is down 5% and it broke $330 and $320 support levels against the US Dollar. ETH price remains at a risk of more losses below $300 as long as it is below $340.

  • Ethereum extended its decline below the $330 and $320 support levels.
  • The price traded as low as $313 and it settled well below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $330 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline further below $300 unless the bulls gain pace above the $340 resistance.

Ethereum Price Remains at a Risk

After multiple failed attempts near $355 and $350, Ethereum reacted to the downside. ETH price broke the key $330 support level and settled below the 100 hourly simple moving average to move further into a bearish zone.

Ether price even spiked below the $320 support and traded to a new weekly low at $313. The price is down nearly 5% and it is currently correcting losses. There was a break above the $320 level, plus the 23.6% Fib retracement level of the recent decline from the $343 high to $313 low.

On the upside, there are many important hurdles for the bulls, starting with $330. It is close to the 50% Fib retracement level of the recent decline from the $343 high to $313 low.

Ethereum

Ethereum price dives below $330. Source: TradingView.com

There is also a key bearish trend line forming with resistance near $330 on the hourly chart of ETH/USD. The trend line coincides with the previous breakdown support near $332 and $335. A successful close above the trend line, and then follow up move above $335 is needed to start a decent recovery wave. The next key resistance is still near the $350 and $355 levels.

More Losses in ETH?

If Ethereum fails to recover above the $330 and $335 resistance levels, there is a risk of more losses in the near term. An initial support is near the $320 level.

The first major support is near the $310 level (the previous swing low). A break below the $310 support could open the doors for a larger decline below the main $300 support level in the coming sessions.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is still well below the 40 level.

Major Support Level – $310

Major Resistance Level – $335

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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