HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Ethereum Plunges 5%, Can Buyers Save The Key $2.3K Support?

Altcoins 2021/06/17 07:28 by Aayush Jindal

Ethereum extended its downside correction below $2,500 against the US Dollar. ETH price is recovering higher, but it is now trading below the 100 hourly SMA.

  • Ethereum failed to stay above the $2,500 support zone and extended its decline.
  • The price is now trading well below $2,500 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to face a strong selling interest near the $2,460 and $2,500 levels.

Ethereum Price Extends Losses

Ethereum topped near the $2,640 level and started a fresh decline, similar to bitcoin. ETH even struggled to stay above the $2,550 support zone and moved into a bearish zone.

There was a clear break below the $2,500 support zone and the 100 hourly simple moving average. Ether even declined below the $2,400 level and it traded as low as $2,353. It is now correcting losses and trading above the $2,400 level.

The price recovered above the 23.6% Fib retracement level of the of the recent decline from the $2,638 high to $2,353 low. On the upside, an initial resistance is near the $2,450 level.

There is also a major bearish trend line forming with resistance near $2,460 on the hourly chart of ETH/USD. The main resistance is now forming near the $2,550 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the of the recent decline from the $2,638 high to $2,353 low.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $2,500 level and a follow up move above the $2,550 level is needed to start a steady increase in the near term.

More Losses in ETH?

If Ethereum fails to clear the $2,450 and $2,500 resistance levels, it could continue to move down. An initial support on the downside is near the $2,400 level.

The first major support is near the $2,350 level. A downside break below the recent low and the $2,350 support level may possibly push the price towards the $2,300 level. Any more losses might call for a move towards the $2,250 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently rising towards the 50 level.

Major Support Level – $2,350

Major Resistance Level – $2,500

0 Like(s)



You should also read...

Altcoins 10/06/20 10:28 by Aayush Jindal
Ethereum Likely To End Current Consolidation With A Strong Rally
Ethereum is trading in a range above the $240 support region against the US Dollar. ETH price is likely to end the current consolidation and rally above the $250 resistance. Ethereum is still trading...
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 25/03/21 06:08 by Aayush Jindal
TA: Ethereum Dives Below $1,600, Why $1,550 Is The Key For Next Move
Ethereum is down over 5% and it broke the $1,600 support zone against the US Dollar. ETH price must stay above $1,550 to avoid more losses in the coming sessions. Ethereum extended its decline after ...
Read More
Altcoins 14/06/21 07:58 by Aayush Jindal
TA: Here’s Why Ethereum (ETH) Follow Bitcoin and Rally Above $2,500
Ethereum is trading in a positive zone above the $2,400 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,500. Ethereum is trading...
Read More
Altcoins 21/07/21 07:08 by Aayush Jindal
TA: Ethereum Starts Recovery, Why ETH Could Resume Its Decline
Ethereum started an upside correction from the $1,720 zone against the US Dollar. ETH price could correct further higher, but upsides might be capped near $1,850. Ethereum formed a base above the $1,...
Read More