More

    Ethereum Prints Bearish Technical Pattern, Why It Could Nosedive

    Ethereum failed to recover above the $3,120 pivot zone against the US Dollar. ETH price is declining and it could extend its losses below $2,950.

    Ethereum struggled to recover above the $3,120 and $3,125 resistance levels.
    The price is now trading below $3,080 and the 100 hourly simple moving average.
    There is a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could accelerate lower if there is a close below the $2,950 low.

    Ethereum Price Remains At Risk
    Ethereum started an upside correction from the $2,950 low, similar to bitcoin. ETH price surpassed the $3,000 and $3,050 resistance levels.
    There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone).
    The price also remained well below $3,150 and the 100 hourly simple moving average. It seems like ether was rejected near the 50% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low.
    There is also a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH/USD. It is now moving lower and trading below the $3,000 support. On the upside, an initial resistance is near the $3,025 level.

    Source: ETHUSD on TradingView.com
    The first key resistance is now forming near the $3,080 level. The main resistance is still near the $3,120 level. A clear break and close above the $3,120 zone might start a fresh increase. In the stated scenario, the price might recover towards the $3,200 resistance.
    More Losses in ETH?
    If ethereum fails to continue higher above the $3,080 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,950 level.
    A downside break below the $2,950 support zone could spark a sharp decline in the near term. The next major support could be $2,880, below which the bears might aim a test of the $2,600 support zone.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
    Hourly RSI – The RSI for ETH/USD is now below the 40 level.
    Major Support Level – $2,950
    Major Resistance Level – $3,120

    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) $ 47,436.00
    ethereum
    Ethereum (ETH) $ 3,416.74
    cardano
    Cardano (ADA) $ 2.36
    tether
    Tether (USDT) $ 1.01
    binance-coin
    Binance Coin (BNB) $ 411.00
    xrp
    XRP (XRP) $ 1.08
    solana
    Solana (SOL) $ 142.02
    polkadot
    Polkadot (DOT) $ 33.75
    dogecoin
    Dogecoin (DOGE) $ 0.242614
    usd-coin
    USD Coin (USDC) $ 1.01
    avalanche-2
    Avalanche (AVAX) $ 65.34
    terra-luna
    Terra (LUNA) $ 35.34
    binance-usd
    Binance USD (BUSD) $ 1.01
    chainlink
    Chainlink (LINK) $ 28.23
    uniswap
    Uniswap (UNI) $ 24.59
    litecoin
    Litecoin (LTC) $ 181.71
    bitcoin-cash
    Bitcoin Cash (BCH) $ 625.75
    algorand
    Algorand (ALGO) $ 1.96
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 47,335.00
    cosmos
    Cosmos (ATOM) $ 34.16
    filecoin
    Filecoin (FIL) $ 85.53
    internet-computer
    Internet Computer (ICP) $ 56.22
    matic-network
    Polygon (MATIC) $ 1.35
    stellar
    Stellar (XLM) $ 0.322151
    tron
    TRON (TRX) $ 0.105980
    ftx-token
    FTX Token (FTT) $ 62.94
    vechain
    VeChain (VET) $ 0.113123
    ethereum-classic
    Ethereum Classic (ETC) $ 57.08
    dai
    Dai (DAI) $ 1.01
    theta-token
    Theta Network (THETA) $ 6.35
    compound-ether
    cETH (CETH) $ 68.36
    tezos
    Tezos (XTZ) $ 6.23
    eos
    EOS (EOS) $ 5.37
    okb
    OKB (OKB) $ 18.70
    pancakeswap-token
    PancakeSwap (CAKE) $ 21.65
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.189776
    elrond-erd-2
    Elrond (EGLD) $ 244.03
    aave
    Aave (AAVE) $ 364.83
    monero
    Monero (XMR) $ 262.00
    quant-network
    Quant (QNT) $ 351.81
    cdai
    cDAI (CDAI) $ 0.021792
    iota
    IOTA (MIOTA) $ 1.66
    bitcoin-cash-abc-2
    Bitcoin Cash ABC (BCHA) $ 238.45
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022358
    ecash
    eCash (XEC) $ 0.000234
    staked-ether
    Lido Staked Ether (STETH) $ 3,377.11
    shiba-inu
    Shiba Inu (SHIB) $ 0.000008
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.431263
    the-graph
    The Graph (GRT) $ 0.823496
    near
    Near (NEAR) $ 8.33