TA: Ethereum Bears Keep Pushing, Why ETH Could Slide Further
12 Octobre 2021 - 7:38AM
NEWSBTC
Ethereum failed to clear the $3,650 resistance against the US
Dollar. ETH price is moving lower and it might extend its decline
below $3,450 in the near term. Ethereum struggled to gain strength
above the $3,600 and $3,620 levels. The price is now trading below
$3,550 and the 100 hourly simple moving average. There is a key
declining channel forming with resistance near $3,550 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could slide
towards $3,350 unless it breaks the $3,550 resistance zone.
Ethereum Price Faces Hurdles Ethereum failed to settle above the
$3,600 pivot level. ETH formed a high near $3,620 and started a
downside correction. There was a break below the $3,550 support and
the 100 hourly simple moving average. The price even broke the 50%
Fib retracement level of the upward move from the $3,375 swing low
to $3,620 high. Ether is now trading below the $3,520 level, and it
is now consolidating near the $3,500 level. An initial support on
the downside is near the $3,480 level. An immediate resistance on
the upside is near the $3,635 level and the 100 hourly SMA. The
first major resistance is near the $3,550 level. There is also a
key declining channel forming with resistance near $3,550 on the
hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next
major resistance is near the $3,560 level, above which the price
might start a fresh surge. In the stated case, the price could
climb towards the $3,620 level. The next key resistance might be
$3,650. Dips Limited in ETH? If ethereum fails to continue higher
above the $3,550 and $3,560 resistance levels, it could extend its
decline. An initial support on the downside is near the $3,480
level. The first key support is now forming near the $3,450 level.
It is near the 61.8% Fib retracement level of the upward move from
the $3,375 swing low to $3,620 high. A downside break could lead
the price towards the $3,400 support zone in the near term. Any
more losses could push ether price towards the $3,375 support zone.
The next key support could be $3,300. 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 below the 50 level. Major
Support Level – $3,440 Major Resistance Level – $3,550
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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