TA: Ethereum Plunges to $3,150: Can Bulls Save the Day?
20 Settembre 2021 - 07:08AM
NEWSBTC
Ethereum started another decline below the $3,400 support zone
against the US Dollar. ETH price must stay above $3,150 to avoid
more losses in the near term. Ethereum started a fresh decline from
the $3,500 and $3,550 resistance levels. The price is now trading
below $3,300 and the 100 hourly simple moving average. There is a
major bearish trend line forming with resistance near $3,360 on the
hourly chart of ETH/USD (data feed via Kraken). The pair could a
steady increase as long as it is above the $3,150 support zone.
Ethereum Price is Eyeing Decent Recovery Ethereum failed to clear
the main $3,500 resistance zone. ETH started a major decline below
the $3,400 support zone and the 100 hourly simple moving average,
similar to bitcoin. The price traded below the $3,320 and $3,250
support levels. Finally, ether spiked below $3,200, but the bulls
were active near the key $3,150 support zone. A low is formed near
$3,156 and the price is now consolidating losses. An immediate
resistance on the upside is near the $3,230 level. It is close to
the 23.6% Fib retracement level of the recent drop from the $3,456
high to $3,156 low. The first major resistance is now forming near
the $3,320 level (the last key support). Source: ETHUSD on
TradingView.com The 50% Fib retracement level of the recent drop
from the $3,456 high to $3,156 low is also near $3,320. Besides,
there is a major bearish trend line forming with resistance near
$3,360 on the hourly chart of ETH/USD. A clear break and close
above the $3,400 level could start another increase. The next major
resistance sits near $3,500. More Losses in ETH? If ethereum fails
to correct higher above the $3,250 and $3,320 resistance levels, it
could start another decline. An initial support on the downside is
near the $3,180 level. The next major support seems to be forming
near the $3,150 level. A downside break below the $3,150 support
zone could spark a sharp decline. The next major support is near
the $3,000 level, below which ether price might decline towards the
$2,880 support zone in the near term. Technical Indicators Hourly
MACD – The MACD for ETH/USD is slowly losing pace in the bearish
zone. Hourly RSI – The RSI for ETH/USD is now well below the 50
level. Major Support Level – $3,150 Major Resistance Level – $3,320
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