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

TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300. Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels. The price is now trading above $2,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone. Ethereum Price Is Showing Positive Signs After forming a base above $2,000, ethereum started a steady increase . ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average. The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin . A high is formed near $2,285 and ether is now correcting lower. There was...
Post a Comment
Read more

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