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Analysis

Ethereum Consolidates, What Could Trigger Strong Recovery in ETH

by Miki 08/04/2021
by Miki 08/04/2021 0 comment

Ethereum restarted its decline after it failed to stay above $2,000 against the US Dollar. ETH price is holding the $1,880 support, but it must clear $2,000 for a decent increase.

  • Ethereum started a fresh decline and it once again tested the $1,880 support zone.
  • The price is still trading well below the $2,000 resistance and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,955 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it clears the $1,965 and $2,000 resistance levels.

Ethereum Price Settles Below $2K

After a failed attempt to settle above $2,000, ethereum extended its decline, similar to bitcoin. ETH price broke the $1,920 support and it settled well below the 100 hourly simple moving average.

However, the price stayed above the $1,880 support. A low was formed near $1,861 and the price recently started an upside correction. There was a break above the $1,920 and $1,925 resistance levels.

Ether climbed above the 23.6% Fib retracement level of the recent decline from the $2,043 swing high to $1,881 low. It is now facing resistance near the $1,950 zone. There is also a major bearish trend line forming with resistance near $1,955 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 decline from the $2,043 swing high to $1,881 low. The next major resistance is near the $2,000 zone and the 100 hourly simple moving average.

If ether breaks the trend line and then settles above $2,050, there could be a steady increase. The next major resistance is near the $2,050 level.

Fresh Decline in ETH?

If Ethereum fails to recover above $1,955 and $2,050, it could continue to move down. An initial support on the downside is near the $1,920 level.

The first major support is near the $1,880 level. If ether fails to stay above the $1,880 support, it could decline towards the $1,865 support. Any more losses could set the pace for a drop towards the $1,750 support zone in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now back above the 50 level.

Major Support Level – $1,880

Major Resistance Level – $2,000

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The New Jersey Crypto News
  • Home
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    • Bitcoin
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

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      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

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      How to Start Trading Cryptocurrency

      10/21/2021

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      10/13/2021

  • Analysis
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