TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $3.2K
19 Gennaio 2022 - 10:50AM
NEWSBTC
Ethereum extended decline below the $3,200 support zone against the
US Dollar. ETH price remains at a risk of a sharp decline below
$3,000. Ethereum extended decline below the $3,200 and $3,150
support levels. The price is trading below $3,200 and the 100
hourly simple moving average. There is a major bearish trend line
forming with resistance near $3,120 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could start a fresh increase if it
clears the $3,120 and $3,150 resistance levels. Ethereum Price
Faces Resistance Ethereum extended decline below the $3,200 support
zone. ETH even broke the $3,150 support level and settled below the
100 hourly simple moving average. There was even a break below the
$3,120 level. A low is formed near $3,050 and currently correcting
losses. It is now approaching the $3,085 resistance. The stated
level is near the 23.6% Fib retracement level of the recent drop
from the $3,192 swing high to $3,050 low. The first major
resistance is near the $3,120 level. There is also a major bearish
trend line forming with resistance near $3,120 on the hourly chart
of ETH/USD. The trend line is near the 50% Fib retracement level of
the recent drop from the $3,192 swing high to $3,050 low. Source:
ETHUSD on TradingView.com If there is an upside break above the
trend line, the price could rise towards the $3,200 resistance
zone. The next major resistance is near the $3,225 level, above
which ether price could gain bullish momentum. In the stated case,
the price could rise towards $3,350 in the near term. More Losses
in ETH? If ethereum fails to start a fresh increase above the
$3,120 level, it could continue to move down. An initial support on
the downside is near the $3,050 level. The first key support is now
forming near the $3,000 level. A downside break below the $3,000
level might accelerate losses in the near term. The next major
support for the bulls may perhaps be near the $2,880 handle. Any
more losses may perhaps push the price towards the $2,750 level in
the coming days. 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 still well below the 50 level. Major Support
Level – $3,050 Major Resistance Level – $3,120
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