TA: Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level

Share This Post

Ethereum declined heavily below the $3,250 support against the US Dollar. ETH price tested $3,000 before it attempted an upside correction.

  • Ethereum started another decline and traded below the $3,150 support zone.
  • The price is trading below $3,250 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a major recovery wave if there is a clear move above $3,300.

Ethereum Price Remains At Risk

Ethereum failed to clear the $3,350 resistance level and started another major decline. ETH declined below the $3,250 and $3,120 support levels to move further into a bearish zone.

The price spiked towards $3,000 and traded as low as $3,006. Recently, there was a minor upside correction above the $3,120 and $3,150 levels. Besides, there was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD.

Ether price even climbed above $3,200, but there was no upside continuation. Ether price started a fresh decline and traded below $3,200.

The price declined below the 23.6% Fib retracement level of the upward move from the $3,006 swing low to $3,209 high. On the upside, an immediate resistance is near the $3,200 level. The next major resistance is near the $3,250 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The main resistance is near the $3,000 level. A clear upside break above the $3,300 level could spark a decent recovery wave. The next key resistance is near the $3,450 level.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $3,250 level, it could continue to move down. An initial support on the downside is near the $3,120 level.

The first key support is now forming near the $3,100 level. It is near the 50% Fib retracement level of the upward move from the $3,006 swing low to $3,209 high. A downside break below the $3,100 level might lead the price towards the key $3,000 support in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $3,100

Major Resistance Level – $3,300

Read Entire Article
spot_img

Related Posts

Bitcoin Goes Pro: UFC Winner Wants $300,000 Bonus Paid In BTC

Bitcoin adoption is soaring across sectors, emerging as a standard in the sports industry Demonstrating this trend, a UFC winner has requested his bonus to be paid in Bitcoin, underscoring the

Bitcoin NFTs outperform ETH and SOL combined in trading volume ahead of halving

Bitcoin-based non-fungible tokens (NFTs) in the form of Inscriptions are in the spotlight as the network halving event looms closer Data from CryptoSlam indicates that Bitcoin NFTs have dominated the

Ethereum Technical Analysis: ETH Teeters Between Bullish Breakout and Bearish Continuation

As ethereum fluctuates within a wide trading range from $2,991 to $3,266 on April 15, 2024, key technical indicators and chart patterns suggest a nuanced but potential shift in market sentiment

Toncoin Defies Market Turmoil, Surges 25% To Tally All-Time High – Details

Toncoin (TON) has defied recent market turbulence, reaching a new milestone with its price surging to an all-time high of $70 This nearly 25% increase has propelled Toncoin to become the eighth

Leaper Finance Exposed: Sleuth Uncovers Alleged Multi-Million Dollar Crypto Scam

Cryptocurrency investigator ZachXBT has unearthed a connection between a notorious crew involved in fraudulent activities and the emerging cryptocurrency project known as Leaper Finance This

Bitcoin Technical Analysis: Indicators Suggest a Potential Shift in Market Momentum

As of April 15, 2024, bitcoin presents a mixed landscape of consolidation and subtle recovery hints, reflecting a crucial moment for potential bullish or bearish trends Bitcoin Despite the current
- Advertisement -spot_img