Connect with us

Plato Vertical Search

Blockchain

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

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. 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

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.

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

Web3 Reimagined. Data Intelligence Amplified. Click here to access.

Source: https://www.newsbtc.com/analysis/eth/ta-ethereum-could-avoid-a-major-downtrend-if-it-closes-above-one-key-level/

Latest Blockchain Streams

Blockchain

IMF directors said they see ‘risks’ in using bitcoin as currency and issuing bitcoin-backed loans.

Blockchain

The International Monetary Fund (IMF) has been very critical of cryptocurrencies and according to a report on Tuesday, the IMF’s board has “urged” El...

Blockchain

Kazakhstan officially shuts down energy for Bitcoin miners till February. The oil-rich nation is struggling to keep up with energy demands as BTC hash...

Blockchain

Key Takeaways Bitcoin has not yet reached a cyclic bottom according to Ki Young Ju, CEO of CryptoQuant. He draws his judgment from Bitcoin’s...