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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

TA: Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum declined heavily below the $3,250 support against the US Dollar. ETH price tested $3,000 before it attempted an upside correction.

  • Ethereum started another decline and traded below the $3,150 support zone.
  • The price is trading below $3,250 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a major recovery wave if there is a clear move above $3,300.

Ethereum Price Remains At Risk

Ethereum failed to clear the $3,350 resistance level and started another major decline. ETH declined below the $3,250 and $3,120 support levels to move further into a bearish zone.

The price spiked towards $3,000 and traded as low as $3,006. Recently, there was a minor upside correction above the $3,120 and $3,150 levels. Besides, there was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD.

Ether price even climbed above $3,200, but there was no upside continuation. Ether price started a fresh decline and traded below $3,200.

The price declined below the 23.6% Fib retracement level of the upward move from the $3,006 swing low to $3,209 high. On the upside, an immediate resistance is near the $3,200 level. The next major resistance is near the $3,250 level and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance is near the $3,000 level. A clear upside break above the $3,300 level could spark a decent recovery wave. The next key resistance is near the $3,450 level.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $3,250 level, it could continue to move down. An initial support on the downside is near the $3,120 level.

The first key support is now forming near the $3,100 level. It is near the 50% Fib retracement level of the upward move from the $3,006 swing low to $3,209 high. A downside break below the $3,100 level might lead the price towards the key $3,000 support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now moving into the bearish zone.

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

Major Support Level – $3,100

Major Resistance Level – $3,300

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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

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Ad discliamer

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