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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

TA: Ethereum (ETH) Tumbles, Why Key Indicators Suggest More Pain

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum declined below the main $2,000 support zone against the US Dollar. ETH price is showing bearish signs and it remains at a risk of more downsides below $1,800.

  • Ethereum extended its decline below the $2,000 and $1,920 levels.
  • The price is now trading well below the $2,000 resistance and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,940 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower below the $1,850 and $1,820 support levels.

Ethereum Price Dives 8%

There was no major recovery in ethereum above the $2,100 level, similar to bitcoin. As a result, ETH saw another decline and it broke the main $2,000 support zone.

The price gained pace below the $1,950 support and it settled well below the 100 hourly simple moving average. A low is formed near $1,864 and the price is now consolidating losses. An initial resistance on the upside is near the $1,910 level.

The 23.6% Fib retracement level of the recent drop from the $2,046 high to $1,864 low is also near $1,910. Besides, there is a key bearish trend line forming with resistance near $1,940 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The trend line resistance is close to the 50% Fib retracement level of the recent drop from the $2,046 high to $1,864 low. The main resistance now sits near the $2,000 level. A close above the $2,000 zone could set the pace for a larger increase in the near term. The next major resistance is near the $2,075 level.

More Losses in ETH?

If Ethereum fails to recover above $1,910 and $1,950, it could continue to move down. An initial support on the downside is near the $1,850 level.

A downside break below the $1,850 support could spark more losses. The first major support is near the $1,800 level. If ether fails to stay above the $1,800 support, it could decline towards the $1,750 swing support. Any more losses may possibly lead the price towards the $1,680 support zone in the coming sessions.

Technical Indicators

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

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

Major Support Level – $1,850

Major Resistance Level – $2,000

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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.

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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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