HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Ethereum Stable Above $600, Why ETH Could Struggle Near $635

Altcoins 2020/12/22 06:28 by Aayush Jindal

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 fresh decline and traded below the $620 and $630 support levels.
  • The price is now trading well below $630 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $633 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher, but it is likely to face sellers near $630 and $635.

Ethereum Price is Holding the $600 Support

After another rejection near $670, Ethereum started a downward move similar to bitcoin. ETH broke the $650 support level to start the current decline. There was a clear break below the $620 and $630 support levels.

It opened the doors for more downsides below $610. Ether even spiked below the $600 support level and settled well below the 100 hourly simple moving average. A low is formed near the $597 level and the price is currently consolidating losses.

It recovered above the $610 level, and the 23.6% Fib retracement level of the recent decline from the $648 swing high to $597 low. An initial resistance on the upside is near the $620 and $622 levels.

Ethereum Price

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $648 swing high to $597 low is also near $622. The main resistance is now forming near the $630 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $633 on the hourly chart of ETH/USD.

A clear break above the $630 and $635 resistance levels is must to decrease the current bearish pressure. In the stated case, the price could easily recover towards the $650 and $660 levels.

More Downsides in ETH?

If ethereum struggles to surpass the $622 and $630 resistance levels, it could continue to move down. An initial support on the downside is near the $605 level.

The first major support is near the $600 level. A close below the $600 and $595 support levels might open the doors for a larger decline towards the $580 and $575 levels in the near term.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is currently just above the 45 level.

Major Support Level – $600

Major Resistance Level – $635

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 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 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
Altcoins 21/06/21 07:48 by Aayush Jindal
TA: Ethereum Resumes Decline, What Could Trigger Drop Below $2K
Ethereum remains in a bearish zone and it traded below $2,250 against the US Dollar. ETH price remains at a risk of more downsides below $2,000 in the near term. Ethereum extended its decline below t...
Read More