Skip to main content

Ethereum Stuck Below $400: Here’s What Could Trigger A Fresh Rally

Ethereum struggled to continue higher and declined below $400 against the US Dollar. ETH price is consolidating losses and it must surpass $395 for a fresh rally.

  • ETH price corrected lower below the $400 and $392 support levels against the US Dollar.
  • The price is trading near the $385 zone and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $395 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to rally if it clears the $392, $395 and $396 resistance levels.

Ethereum Price is Facing Key Hurdles

This past week, Ethereum started a downside correction from well above $400 against the US Dollar. ETH price even traded below the $392 support level and the 100 simple moving average (4-hours).

A swing low was formed near $373 and ether price started an upside correction after bitcoin’s sharp increase towards $14,000. There was a break above the $380 and $382 levels. The price even climbed above the 23.6% Fib retracement level of the downward move from the $410 high to $373 low.

However, the price seems to be facing a strong resistance near the $392 level. It is close to the 50% Fib retracement level of the downward move from the $410 high to $373 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $395 and $396 levels. There is also a major bearish trend line forming with resistance near $395 on the 4-hours chart of ETH/USD. A successful break above the $392, $395 and $396 resistance levels is must to start a fresh rally in the near term.

The next resistance is near the $400 level, above which the bulls are likely to aim a retest of the $420 resistance zone in the coming sessions.

More Downsides in Ether (ETH)?

If Ethereum fails to clear the $392 and $395 resistance levels, it might start a fresh downside correction. An initial support on the downside is near the $382 level.

The main support is forming near the $373 low. Any further losses could lead the price towards the crucial $365 support (a multi-touch zone).

Technical Indicators

4 hours MACD – The MACD for ETH/USD is struggling to gain momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently just below the 50 level.

Major Support Level – $382

Major Resistance Level – $395



from NewsBTC https://ift.tt/3ehn2Os
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

Institutional demand for crypto isn’t subsiding, but impact will be gradual

As another $2-trillion stimulus package looms in the U.S., institutions will continue to look at BTC as a hedge against inflation. For example, just last week, when the currency was hovering around the $30,000 threshold, a whole host of pundits was warning investors to brace for impact, suggesting that the premier crypto asset was on the verge of a correction and could once again dip to around the $20,000 region. However, in just one day, Bitcoin was once again playing with the bulls, retesting the $38,500 limit, only to witness a selloff and eventually settle around the $33,500 region. While for most crypto veterans that might have been another day at the office, others branded the upsurge as “Elon’s Candle,” which relates to Elon Musk, the CEO of Tesla, who included “Bitcoin” in his Twitter bio as well as sent out the following cryptic message “in retrospect, it was inevitable” to his 40 million-odd followers online. Regardless of the cause, has the recent price volatility sca...
Post a Comment
Read more