HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Ethereum Is In Downtrend But This Variable Can Trigger A New Rally

Altcoins 2020/03/29 06:18 by Aayush Jindal
Ethereum failed to clear the $142 resistance and started a fresh decline against the US Dollar, similar to bitcoin. ETH price could soon test the main $120 support area, where the bulls might emerge. ETH price is currently trading in a bearish zone below the $135 level against the US Dollar. There are many hurdles on the upside, starting with $135 and up to $144. There is a major bearish trend line forming with resistance near $135 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair remains in a downtrend as long as it is below $145 and the 100 simple moving average (4-hours). Ethereum Price Could Extend its Decline In the past few days, Ethereum made more than two attempts to gain strength above the $140 resistance against the US Dollar. However, ETH price failed to settle above the $140 level and the 100 simple moving average (4-hours). As a result, a fresh decline initiated below the $136 and $135 support levels. There was a break below the 23.6% Fib retracement level of the upward move from the $108 swing low to $144 swing high. Ethereum price even broke the $130 support area to move into a bearish zone. It is now trading near the 50% Fib retracement level of the upward move from the $108 swing low to $144 swing high. On the upside, there is a major bearish trend line forming with resistance near $135 on the 4-hours chart of ETH/USD. If the price fails to stay above the $125 support area, it is likely to extend its decline. Ethereum Price The next key support is near the $120 level, where the bulls are likely to take a stand. Any further losses may perhaps open the doors for a larger decline towards the $105 and $100 support levels in the coming days. Fresh Increase? If Ethereum price stays above the $120 support, it could bounce back and start a fresh increase. A clear break above the trend line and the $135 resistance might start an upward move. The main resistance is still near the $144 level and the 100 simple moving average (4-hours). A successful close above the $144 resistance is needed for a strong rally towards the $155 and $160 levels. Technical Indicators 4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone. 4 hours RSI – The RSI for ETH/USD is now well below the 50 level. Major Support Level – $120 Major Resistance Level – $144 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

0 Like(s)



You should also read...

Altcoins 17/11/19 07:00 by Aayush Jindal
Ethereum (ETH) Price Weekly Forecast: Crucial Support At Risk
ETH price is facing a strong resistance near the $184 and $185 levels against the US Dollar. The price is trading above the key $178 support, which remains at a risk. There is a crucial bearish trend...
Read More
Altcoins 15/04/20 06:38 by Aayush Jindal
This Scenario Will Trigger A New Ethereum Rally: Key Levels To Watch
Ethereum is slowly moving higher and trading above $155 against the US Dollar. ETH price is likely approaching a crucial bullish break if it clears the $160 and $162 resistance levels. Ethereum is gr...
Read More
Altcoins 30/04/20 06:48 by Aayush Jindal
Ethereum Rally Seems Unstoppable: Here’s Why It Could Test $250
Ethereum is up more than 12% and it broke the $220 resistance against the US Dollar. ETH price is likely to continue higher and it could even test the $240 and $250 levels. Ethereum is surging and it...
Read More
Mining 17/05/20 08:58 by Aayush Jindal
Ethereum Lacks Momentum Above $200 But An Upsurge Seems Imminent
Ethereum is trading above the $192 and $195 support levels against the US Dollar. ETH price could start a strong surge if there is a clear break above the $205 resistance. ETH price is trading just b...
Read More
Altcoins 19/05/20 10:58 by Aayush Jindal
This Scenario Could Trigger A New Ethereum Rally: Key Levels To Watch
Ethereum is currently trading above the $205 and $208 support levels against the US Dollar. ETH price could start a strong increase if it clears the $215 and $216 resistance levels. Ethereum is showi...
Read More