Skip to main content

TA: Ethereum Plunges 5%, Can Buyers Save The Key $3.5K Support

Ethereum gained bearish momentum below the $3,720 support against the US Dollar. ETH price tested $3,600 and currently struggling to recover higher.

  • Ethereum started a major decline below the $3,850 and $3,750 support levels.
  • The price is trading below $3,800 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $3,715 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above $3,500 to avoid more downsides in the near term.
Ethereum Price Extends Decline

Ethereum failed to stay above the $3,880 and $3,850 support levels. ETH extended decline and traded below the key $3,750 support zone.

There was a sharp move below the $3,700 level and the price settled below the 100 hourly simple moving average. It traded as low as $3,602 and is currently consolidating losses. An immediate resistance on the upside is near the $3,655 level.

It is near the 23.6% Fib retracement level of the recent decline from the $3,827 swing high to $3,602 low. The next major resistance is near the $3,715 level.

There is also a key bearish trend line forming with resistance near $3,715 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,827 swing high to $3,602 low. To start a decent recovery, the price must clear the $3,715 resistance.

Source: ETHUSD on TradingView.com

In the stated case, the price could rise towards the $3,850 level or the 100 hourly simple moving average. Any more gains could send the price towards the $4,000 level.

More Downsides in ETH?

If ethereum fails to start a fresh increase above the $3,715 level, it could continue to move down. An initial support on the downside is near the $3,600 level or the recent low.

The first key support is now forming near the $3,550 and $3,500 levels. A downside break below the $3,550 and $3,500 levels could put a lot of pressure on the bulls. In the stated case, the price could decline towards the $3,200 support zone in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is near the 30 level.

Major Support Level – $3,600

Major Resistance Level – $3,715



from NewsBTC https://ift.tt/3eDbB4K
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

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

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

INX submits bid for Voyager Digital's assets

FTX US won a $1.4-billion bid to purchase Voyager’s assets in September, but with the firm filing for bankruptcy, the funds were once again up for grabs. Trading platform INX has submitted a bid for an undisclosed amount to purchase the assets of crypto brokerage firm Voyager Digital. In a Nov. 30 announcement, INX said it had sent a non-binding letter of intent for Voyager’s assets following the platform filing for bankruptcy in July. According to INX CEO Shy Datika, the bid was aimed at providing “credibility, technology, and unique regulatory positioning” for Voyager users seeking stability in a volatile market. Voyager’s original bankruptcy filing from the Southern District Court of New York suggested the firm could owe between $1 billion to $10 billion to more than 100,000 creditors amid a bear market and exposure to Three Arrows Capital. In September, FTX US won a $1.4-billion bid to purchase Voyager’s assets, but with FTX Group itself filing for bankruptcy in November, th...
Post a Comment
Read more