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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Ethereum Corrects Sharply, What Could Spark Fresh Increase

Aayush Jindal
Aayush Jindal
3 years ago
2 mins read
Ethereum

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Ethereum started a downside correction below $4,700 against the US Dollar. ETH is recovering, but it must clear $4,720 to start a fresh increase in the near term.

  • Ethereum started a downside correction below the $4,750 and $4,650 levels.
  • The price is now trading below $4,700 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $4,720 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it stays above the $4,500 support zone.

Ethereum Price Eyes Fresh Increase

Ethereum failed to settle above $4,700 level and started a fresh decline. ETH price declined below the $4,650 support level to move into a short-term bearish zone.

There was also a break below $4,550 and the 100 hourly simple moving average. However, the bulls appeared near the $4,450 support zone. Besides, there was a break below a key bullish trend line with support near $4,720 on the hourly chart of ETH/USD.

A low is formed near $4,452 and the pair is now recovering losses. It cleared the $4,500 resistance zone. Ether is now trading above the 23.6% Fib retracement level of the recent decline from the $4,866 high to $4,452 low. An initial resistance on the upside is near the $4,660 level.

The 50% Fib retracement level of the recent decline from the $4,866 high to $4,452 low is near the $4,660 level. The 100 hourly SMA is also near the $4,680 level. The next major resistance is near the $4,700 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $4,700 level could spark a sharp increase in the near term. In the stated case, the price might rise towards the $4,850 level. Any more gains could lift the price towards the next key hurdle at $5,000.

Dips Limited in ETH?

If ethereum fails to continue higher above the $4,660 and $4,700 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,500 level.

The first key support is now forming near the $4,450 level and the recent low. A downside break below the $4,450 support might push the price below the $4,300 support. The next key support is near $4,200.

Technical Indicators

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

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

Major Support Level – $4,450

Major Resistance Level – $4,700

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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

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

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