HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Ethereum Corrects Sharply, Why ETH Could Struggle To Reclaim $1,800

Altcoins 2021/02/15 06:08 by Aayush Jindal

Ethereum started a sharp decline after it failed to surpass the $1,850 resistance against the US Dollar. ETH price tested $1,660 and it is currently facing hurdles near $1,760.

  • Ethereum started a strong downside correction from the $1,850 and $1,860 resistance levels.
  • The price is now trading well below $1,800 and the 100 hourly simple moving average.
  • There was a break below a major contracting triangle with support near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover, but it might face a strong resistance near $1,760 and $1,780.

Ethereum Price Dips 8%

Ethereum failed to extend gains above the $1,850 and $1,860 resistance levels. ETH started a fresh decline (similar to bitcoin) from the $1,834 swing high and it declined more than $150.

There was a break below the $1,800 support level and the 100 hourly simple moving average. There was also a break below a major contracting triangle with support near $1,790 on the hourly chart of ETH/USD.

Ether price tumbled below the $1,750 support and it even spiked below the $1,700 level. The bulls appeared near the $1,650 and $1,660 levels and protected more downsides. A low is formed near $1,664 and the price is currently recovering.

Ethereum Price

Source: ETHUSD on TradingView.com

It is back above the $1,680 and $1,700 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $1,834 high to $1,664 low.

On the upside, the first key resistance is near the $1,750 level. It is close to the 50% Fib retracement level of the recent decline from the $1,834 high to $1,664 low. The next major resistance is near the $1,760 level (a multi-touch zone).

The main resistance is now forming near the $1,790 and $1,800 levels (the recent breakdown zone). The 100 hourly simple moving average is also positioned near the $1,800 level.

More Downsides in ETH?

If Ethereum fails to clear the $1,750 and $1,760 resistance levels, it could continue to move down. On the downside, the first major support is near the $1,700 level.

The main support is near the $1,660 level. If there is a close below the $1,700 level and a follow up move below $1,660, the price could dive towards the $1,600 support level.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is well below the 40 level.

Major Support Level – $1,700

Major Resistance Level – $1,760

0 Like(s)



You should also read...

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
Altcoins 26/10/20 06:48 by Aayush Jindal
TA: Ethereum Stuck Below $410, Why It Could Correct Sharply Below $400
Ethereum is struggling to gain momentum above $410 and $420 against the US Dollar. ETH price might start a strong downside correction if it clears the $400 support. Ethereum is facing a couple of maj...
Read More
Altcoins 27/10/20 06:48 by Aayush Jindal
TA: Ethereum Recovery Could Fail Near Support Turned Resistance At $400
Ethereum declined 5% and it broke the main $400 support against the US Dollar. ETH price is recovering from the $385 support, but it could face hurdles near $400. Ethereum is down 5% and it broke the...
Read More
Altcoins 23/03/21 06:08 by Aayush Jindal
TA: Ethereum Breaks Key Support, Why ETH Could Decline Further
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 ke...
Read More
Altcoins 06/07/21 07:28 by Aayush Jindal
TA: Ethereum Steadies Near $2.2K, Why ETH Could Start Fresh Increase
Ethereum started a downside correction from the $2,400 zone against the US Dollar. ETH price could start a fresh increase unless there is a clear break below $2,150. Ethereum failed to surpass $2,400...
Read More