TA: Ethereum Drop 10% on the Day, and it’s Vulnerable For Bigger Decline

Share This Post

Ethereum declined heavily below the $3,680 support against the US Dollar. ETH price is sliding and there is a risk of a move towards the $3,200 level.

  • Ethereum started another decline from the $3,750 resistance zone.
  • The price is trading below $3,550 and the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of a larger decline below the $3,400 level.

Ethereum Price Eyes More Downsides

Ethereum failed to clear the $3,850 resistance level and started a major decline. ETH declined below the $3,750 and $3,700 support levels to move into a bearish zone.

Besides, there was a break below a key contracting triangle with support near $3,800 on the hourly chart of ETH/USD. There was a close below the $3,600 level and the 100 hourly simple moving average. The bears even pushed the price below the $3,500 level.

A low was formed near $3,411 and the price is now struggling to recover. Ether price is now trading below $3,550 and the 100 hourly simple moving average. An immediate resistance is near the $3,500 level. It is near the 23.6% Fib retracement level of the downward move from the $3,847 swing high to $3,411 low.

The next major resistance is near the $3,630 level. It is close to the 50% Fib retracement level of the downward move from the $3,847 swing high to $3,411 low.

Source: ETHUSD on TradingView.com

A clear upside break above the $3,630 level could spark a decent recovery wave. Any more gains could send the price towards the $3,700 level. The next main resistance is near the $3,750 level and the 100 hourly simple moving average.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $3,550 level, it could continue to move down. An initial support on the downside is near the $3,420 level.

The first key support is now forming near the $3,400 level. A downside break below the $3,400 level might lead the price towards the key $3,320 support in the near term. The next major support is near the $3,200 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is in the oversold region.

Major Support Level – $3,400

Major Resistance Level – $3,550

Read Entire Article
spot_img

Related Posts

Dogecoin Whales Moving Around Massive Amounts: What Are They Up To?

On-chain data shows that the Dogecoin whales have recently made massive moves Here’s where these moves have been heading Dogecoin Network Has Witnessed Some Large Moves Recently According to

Analysts Bullish On Bitcoin Despite Peter Schiff’s $20,000 Doom Scenario

Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the

Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over

A crypto analyst known as Yomi has noted that the Dogecoin recent price action could turn bullish after this week According to Yomi, DOGE is on the verge of creating a golden cross on its price

Toncoin And WIF Beat Out Dogecoin, Shiba Inu To Clinch Title For Best Perfoming Altcoins

Toncoin (TON) and Dogwifhat (WIF) are in the spotlight, having emerged as the best-performing altcoins since the start of the year ahead of other performing altcoins like Dogecoin (DOGE) and Shiba

On-chain sleuth ZachXBT says X’s controversial ‘not a bot’ fee unlikely to eliminate scams

Crypto commentator ZachXBT criticized an annual fee that X now requires from new accounts ZachXBT wrote on April 15 that the new policy will not eliminate bot account-driven scams because

Analyst Predicts $650K Bitcoin Price Once ETF Investors Fully Deploy Asset Manager Recommendations

Popular onchain analyst Willy Woo has predicted a potential bitcoin price surge to $650,000 at the bull market’s peak His prediction hinges on spot bitcoin exchange-traded fund (ETF) investors
- Advertisement -spot_img