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Tag: Vulnerable

  • Ethereum Topside Bias Vulnerable If It Breaks This Key Support

    Ethereum Topside Bias Vulnerable If It Breaks This Key Support

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    Ethereum trimmed gains from the $4,800 resistance against the US Dollar. ETH is down 5% and it might decline further if there is a break below $4,350.

    • Ethereum failed to clear the $4,800 resistance and started a fresh decline.
    • The price is now trading near $4,500 and the 100 hourly simple moving average.
    • There was a break below a key bullish trend line with support near $4,600 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could decline further below $4,500 if there is a close below the 100 hourly SMA.

    Ethereum Price Trims Gains

    Ethereum struggled to clear the $4,800 resistance zone and started a fresh decline. ETH broke the key $4,650 support to enter a bearish zone.

    Besides, there was a break below a key bullish trend line with support near $4,600 on the hourly chart of ETH/USD. The pair even traded below the $4,550 support zone. It is now trading near $4,500 and the 100 hourly simple moving average.

    A low is formed near $4,455 and is currently consolidating losses. An initial resistance on the upside is near the $4,540 level. It is near the 23.6% Fib retracement level of the recent decline from the $4,783 high to $4,455 low.

    The first major resistance is near the $4,580 level. The next major resistance is near the $4,620 level. It coincides with the 50% Fib retracement level of the recent decline from the $4,783 high to $4,455 low.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    A close above the $4,600 and $4,620 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,750 level. Any more gains could lift the price towards the $4,800 zone in the near term.

    More Losses in ETH?

    If ethereum fails to start a fresh increase above the $4,600 level, it could start a downside correction. An initial support on the downside is near the $4,500 level.

    The first key support is now forming near the $4,450 level. A downside break below the $4,450 support zone could push the price further lower. The main breakdown support is $4,350, below which the price could decline heavily.

    Technical Indicators

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

    Hourly RSI – The RSI for ETH/USD is now well below the 50 level.

    Major Support Level – $4,450

    Major Resistance Level – $4,620

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  • Ethereum Topside Bias Vulnerable If It Struggles Below $3K

    Ethereum Topside Bias Vulnerable If It Struggles Below $3K

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    Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could resume its decline unless there is a clear break above the $3,000 resistance zone.

    • Ethereum started a fresh decline below the $3,100 and $3,000 support levels.
    • The price is now trading below $3,000 and the 100 hourly simple moving average.
    • There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could resume its decline unless there is a clear break above the $3,000 resistance zone.

    Ethereum Price Remains At Risk

    Ethereum started another decline from the $3,100 resistance zone. ETH traded below many important support zones near $3,000 and the 100 hourly simple moving average, similar to bitcoin.

    The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the price is now correcting losses. There was a break above the $2,800 and $2,850 resistance levels.

    The price recovered above the 23.6% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is also a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance could start a decent recovery. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level could start a steady increase. The next major resistance sits near $3,135 and the 100 hourly SMA.

    More Losses in ETH?

    If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level.

    The next major support seems to be forming near the $2,650 level. A downside break below the $2,650 support zone could lead the price towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is still below the 50 level.

    Major Support Level – $2,650

    Major Resistance Level – $3,000

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