HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Ethereum Breaks Key Support, Why ETH Could Decline Further

Altcoins 2021/03/23 06:08 by Aayush Jindal

Ethereum broke the major $1,750 and $1,710 support levels against the US Dollar. ETH price is likely to continue lower below the $1,660 and $1,650 support levels.

  • Ethereum failed to stay above the key $1,750 and $1,710 support levels.
  • The price is currently trading well below $1,710 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,765 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but the previous support near $1,750 could prevent gains.

Ethereum Price Turns Red

Ethereum failed to clear the key $1,850 resistance zone and started a fresh decline, similar to bitcoin. ETH broke the $1,750 support zone to move into a bearish zone.

The price even cleared the $1,710 support level and settled below the 100 hourly simple moving average. It even broke the $1,680 level and traded as low $1,657. It is currently correcting higher and trading above the $1,680 level.

Ether corrected above the 23.6% Fib retracement level of the recent decline from the $1,808 high to $1,657 low. On the upside, the first major resistance is near the $1,710 level. The next key resistance is near the $1,730 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $1,808 high to $1,657 low is also near $1,730. The main resistance is now forming near the $1,750 zone (the recent breakdown zone). If the price breaks the $1,730 and $1,750 resistance levels, it could start a decent increase towards $1,800 or even $1,850. An intermediate resistance could be near the $1,780 level or the 100 hourly simple moving average.

More Losses in ETH?

If Ethereum fails to climb above the $1,730 and $1,750 resistance levels, it could continue to move down. An initial support on the downside is near the $1,665 level.

The next major support is near the $1,650 level. A clear downside break below the $1,650 support may possibly open the doors for a drop towards the $1,600 level. Any more losses will most likely push the price towards the key $1,550 support in the coming days.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bearish zone.

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

Major Support Level – $1,650

Major Resistance Level – $1,750

0 Like(s)



You should also read...

Altcoins 16/10/20 07:48 by Aayush Jindal
TA: Ethereum At Risk of A Sharp Decline If It Breaks $365 Support
Ethereum faced a strong rejection above $380 against the US Dollar. ETH price is now at a risk of a sharp decline if it breaks the key $365 support in the near term. Ethereum struggled to gain moment...
Read More
Altcoins 02/12/20 06:28 by Aayush Jindal
TA: Ethereum Near Inflection Zone, Why ETH Could Tumble Below $570
Ethereum traded to a new yearly high at $636 before correcting lower against the US Dollar. ETH price is showing bearish signs and it could decline heavily if there is a break below $570. Ethereum st...
Read More
Altcoins 22/12/20 06:28 by Aayush Jindal
TA: Ethereum Stable Above $600, Why ETH Could Struggle Near $635
Ethereum started a sharp decline from well above $650 against the US Dollar. ETH price settled below the key $635 support zone, which may now act as a resistance in the near term. Ethereum started a ...
Read More
Altcoins 13/01/21 06:28 by Aayush Jindal
TA: Ethereum Facing Major Hurdles: Why 100 SMA Could Trigger Fresh Rally
Ethereum struggled to clear $1,150 and started a fresh decline against the US Dollar. ETH price is currently trading well below the 100 hourly SMA and $1,100. Ethereum is showing a few bearish signs ...
Read More
Altcoins 18/06/21 07:28 by Aayush Jindal
TA: How Ethereum Close Below $2.3K Could Spark Larger Degree Decline
Ethereum remains in a bearish zone and it traded below $2,350 against the US Dollar. ETH price could accelerate lower if there is a close below $2,300. Ethereum extended its decline below the $2,400 ...
Read More