Ethereum Price Tumbles, Why Recovery Could Be Round The Corner PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Ethereum Price Tumbles, Why Recovery Could Be Round The Corner

Ethereum extended losses below the $1,400 support against the US Dollar. ETH is consolidating and might recover if there is a clear move above $1,340 resistance.

  • Ethereum started a major decline below the $1,400 and $1,350 levels.
  • The price is now trading below $1,400 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is down over 10% and is currently consolidating losses near $1,300.

Ethereum Price Dives Over 10%

Ethereum started a major decline from well above the $1,550 level. ETH broke a major support near the $1,500 level and the 100 hourly simple moving average. The recent decline in FTT and SOL dragged the market lower, including bitcoin.

Ether price declined heavily below the $1,400 support level. The bears were even able to push the price below the $1,350 level. The price traded as low as $1,221 and recently corrected a few higher. There was a move above the $1,250 and $1,300 levels.

The price is now trading below $1,400 and the 100 hourly simple moving average. It is consolidating near the 23.6% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low.

An immediate resistance on the upside is near the $1,320 level. There is also a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH/USD. The next major resistance is near the $1,340 level. A clear break above the $1,340 resistance could set the pace for a decent increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price could rise to the $1,400 level. It is near the 50% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low. Any more gains might send the price toward the $1,500 resistance zone.

More Losses in ETH?

If ethereum fails to climb above the $1,340 resistance, it could continue to move down. An initial support on the downside is near the $1,275 level.

The next major support is near the $1,220 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,100 support zone in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,275

Major Resistance Level – $1,340

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  • Source: https://www.bitcoinnewsminer.com/ethereum-price-tumbles-why-recovery-could-be-round-the-corner/

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