NEW!Incredible offer for our exclusive subscribers! Read More
ETH

TA: Ethereum Trims Gains, Here’s What Could Trigger Larger Decline

1 Mins read

Ethereum traded to a new all-time high above $4,200 before correcting lower against the US Dollar. ETH price is now trading well below $4,000, with a few bearish signs.

cryptonews.net

  • Ethereum extended its rally above $4,000 and it traded to a new all-time high near $4,215.
  • The price is now correcting below $4,000 and testing the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $3,980 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower towards the $3,600 and $3,500 support levels.

Ethereum Price Corrects Lower

Ethereum extended its upward move after it broke the $4,000 resistance zone. ETH price even cleared the $4,150 resistance and $4,200. It traded to a new all-time high near $4,215 before starting a sharp downside correction.

There was a break below the $4,100 and $4,000 support levels. Ether declined heavily below $4,000 and the 100 hourly simple moving average. There was also a break below a key bullish trend line with support near $3,980 on the hourly chart of ETH/USD.

The pair spiked below the $3,600 support on Kraken and it traded as low as $3,501. It is now recovering losses and trading above the $3,800 level. There was a break above the 23.6% Fib retracement level of the recent drop from the $4,213 high to $3,501 low.

Source: ETHUSD on TradingView.com

On the upside, the price is facing hurdles near the $3,850 and $3,900 levels. The 50% Fib retracement level of the recent drop from the $4,213 high to $3,501 low is also near $3,860. The main resistance sits at $3,940, above which the price is likely to climb steadily towards the recent all-time high. An intermediate resistance could be near the $4,120 level.

Dips Limited in ETH?

If Ethereum fails to continue higher towards $4,000, it could start another downside correction. An initial support on the downside is near the $3,750 level.

The first key support is near the $3,680 level. The main support is now forming near the $3,600 level. If there is a downside break below the $3,600 zone, the pair could dive towards the $3,300 support.

Technical Indicators

Hourly MACD The MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSI The RSI for ETH/USD is well below the 50 level.

Major Support Level – $3,680

Major Resistance Level – $3,950

Related posts
AltcoinsBTCCryptoETHMiningOtherStock

Bitcentr launched the largest aid campaign!

1 Mins read
Ukraine is at war, war for our freedom but also for European freedom and democracy. People of Ukraine are in a big…
AltcoinsBTCCryptoETH

Beecrypt with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of beecrypt.net are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
AltcoinsBTCCryptoETH

Beecrypt with Bitfinex will start a trading giveaway for Telegram users

1 Mins read
In this paragraph, Bitfinex with Friends of beecrypt.net are starting with Top crypto giveaway. After that From 0.001 tо 0.25 bitcоin and…
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *