HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Ethereum Price Plunges 5%, Can Buyers Save The Key $335 Support?

Altcoins 2020/10/07 07:48 by Aayush Jindal

Ethereum is down over 5% and it broke the key $350 support level against the US Dollar. ETH price is testing the $335 support and it remains at a risk of more losses.

  • Ethereum failed to surpass the main $355 resistance zone, and declined 5%.
  • The price is now trading near the $335 support and it is well below the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support at $352 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could recover higher as long as buyers are able to protect the $335 support zone.

Ethereum Price is Testing Important Support

Ethereum made a couple of attempts to clear the $355 resistance zone, but it failed to gain bullish momentum. ETH price topped near the $355 level and recently started a sharp decline (5%).

The decline was initiated after there was a break below a key contracting triangle with support at $352 on the hourly chart of ETH/USD. Ether price gained pace below the $350 support and the 100 hourly simple moving average.

The price even spiked below the key $335 support and traded as low as $333. It is currently correcting higher and trading above $335. Ether is currently testing the 23.6% Fib retracement level of the downward move from the $355 high to $333 low.

Ethereum Price

Ethereum price dives 5%. Source: TradingView.com

On the upside, the first key resistance is near the $342 level or the 50% Fib retracement level of the downward move from the $355 high to $333 low. The main resistance is now forming near the $350 level and the 100 hourly simple moving average.

To start a fresh increase, buyers need to gain strength above the $342 and $350 resistance levels. The key breakout zone is still near the $355 level.

Downside Break in ETH?

If Ethereum fails to start a decent recovery wave above the $342 resistance, there is a risk of more losses. The main breakdown support for ether is near the $335 zone.

A daily close below the $335 support and then a follow up move below $330 could spark more losses. The next major support is near the $320 level, below which it could revisit $305.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving into the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well below the 40 level, with no clear recovery signs.

Major Support Level – $335

Major Resistance Level – $342

0 Like(s)



You should also read...

Altcoins 14/10/20 07:48 by Aayush Jindal
TA: Ethereum Could Resume Its Rally Above $385, Key Supports Nearby
Ethereum corrected lower after testing the $395 resistance against the US Dollar. ETH price is currently following the 100 hourly SMA, and it could resume its rally above $385. Ethereum is following ...
Read More
Altcoins 25/11/20 06:28 by Aayush Jindal
TA: Ethereum Weakens Below $600: Why 100 SMA Could Trigger Fresh Increase
Ethereum started a downside correction from the $620 zone against the US Dollar. ETH price is now trading near a major support at $580 and the 100 hourly SMA Ethereum started a downside correction af...
Read More
Altcoins 24/12/20 06:28 by Aayush Jindal
TA: Ethereum Turns Vulnerable, Why $600 Could Prevent Fresh Increase
Ethereum faced an increase in selling and it declined sharply to $550 against the US Dollar. ETH price is correcting higher, but upsides are likely to remain capped near $595 and $600. Ethereum decli...
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 17/06/21 07:28 by Aayush Jindal
TA: Ethereum Plunges 5%, Can Buyers Save The Key $2.3K Support?
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 ...
Read More