More

    Ethereum Starts Recovery, Why ETH Could Resume Its Decline

    Ethereum started an upside correction from the $1,720 zone against the US Dollar. ETH price could correct further higher, but upsides might be capped near $1,850.

    Ethereum formed a base above the $1,720 support zone before starting an upside correction.
    The price is still trading well below the $1,850 resistance and the 100 hourly simple moving average.
    There was a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair is likely to rise further towards the $1,850 resistance zone and the 100 hourly SMA.

    Ethereum Price Correcting Losses
    Ethereum remained in a bearish zone and it extended its decline below $1,800, similar to bitcoin. ETH price broke the $1,780 support and it settled well below the 100 hourly simple moving average.
    The price traded as low as $1,718 and it seems to be forming a base above the $1,720. Ether is now correcting gains and it is trading above the $1,750 level. There was a break above the 50% Fib retracement level of the key decline from the $1,832 swing high to $1,718 low.
    There was also a break above a key bearish trend line with resistance near $1,790 on the hourly chart of ETH/USD. The pair is now trading above the 61.8% Fib retracement level of the key decline from the $1,832 swing high to $1,718 low.

    Source: ETHUSD on TradingView.com
    The price is now facing resistance near the $1,810 level. The main resistance is now forming near the $1,850 level and the 100 hourly SMA. To move into a positive zone, the price must climb above the $1,830 and $1,850 resistance levels.
    Fresh Decline in ETH?
    If Ethereum fails to recover above $1,820 and $1,850, it could continue to move down. An initial support on the downside is near the $1,775 level.
    The first major support is near the $1,750 level. The main support is now forming near the $1,720 level. Any more losses could set the pace for a drop towards the $1,650 support zone in the near term. The next major support sits near the $1,600 level.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
    Hourly RSI – The RSI for ETH/USD is now above the 50 level.
    Major Support Level – $1,750
    Major Resistance Level – $1,850

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,209.00
    ethereum
    Ethereum (ETH) $ 2,441.19
    tether
    Tether (USDT) $ 0.999312
    binance-coin
    Binance Coin (BNB) $ 327.79
    cardano
    Cardano (ADA) $ 1.30
    xrp
    XRP (XRP) $ 0.740199
    usd-coin
    USD Coin (USDC) $ 0.999534
    dogecoin
    Dogecoin (DOGE) $ 0.206870
    polkadot
    Polkadot (DOT) $ 16.28
    binance-usd
    Binance USD (BUSD) $ 0.999094
    uniswap
    Uniswap (UNI) $ 21.15
    bitcoin-cash
    Bitcoin Cash (BCH) $ 538.86
    litecoin
    Litecoin (LTC) $ 142.40
    chainlink
    Chainlink (LINK) $ 21.37
    solana
    Solana (SOL) $ 33.93
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,177.00
    stellar
    Stellar (XLM) $ 0.286244
    matic-network
    Polygon (MATIC) $ 1.04
    ethereum-classic
    Ethereum Classic (ETC) $ 50.37
    theta-token
    Theta Network (THETA) $ 6.05
    internet-computer
    Internet Computer (ICP) $ 41.81
    vechain
    VeChain (VET) $ 0.087132
    dai
    Dai (DAI) $ 0.999851
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022102
    okb
    OKB (OKB) $ 18.22
    filecoin
    Filecoin (FIL) $ 51.36
    cdai
    cDAI (CDAI) $ 0.021560
    tron
    TRON (TRX) $ 0.063496
    terra-luna
    Terra (LUNA) $ 10.64
    monero
    Monero (XMR) $ 234.92
    aave
    Aave (AAVE) $ 314.47
    eos
    EOS (EOS) $ 4.03
    compound-ether
    cETH (CETH) $ 48.98
    ftx-token
    FTX Token (FTT) $ 34.43
    amp-token
    Amp (AMP) $ 0.073385
    cosmos
    Cosmos (ATOM) $ 12.54
    neo
    NEO (NEO) $ 45.90
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.127376
    pancakeswap-token
    PancakeSwap (CAKE) $ 15.61
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    the-graph
    The Graph (GRT) $ 0.612656
    leo-token
    LEO Token (LEO) $ 3.03
    algorand
    Algorand (ALGO) $ 0.834278
    celsius-degree-token
    Celsius Network (CEL) $ 6.18
    bitcoin-sv
    Bitcoin SV (BSV) $ 139.04
    maker
    Maker (MKR) $ 2,879.10
    klay-token
    Klaytn (KLAY) $ 1.04
    tezos
    Tezos (XTZ) $ 3.01
    iota
    IOTA (MIOTA) $ 0.872650
    axie-infinity
    Axie Infinity (AXS) $ 42.88