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Analysis

Ethereum Trims Gains, Why This Level Is The Key For Fresh Increase

by Miki 11/24/2021
by Miki 11/24/2021 0 comment

Ethereum failed to clear $4,400 and started a fresh decline against the US Dollar. ETH must stay above $4,120 to start a fresh increase in the near term.

  • Ethereum started a fresh decline from the $4,440 resistance zone.
  • The price is now trading below $4,250 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $4,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend losses if it fails to stay above the $4,120 support zone.

Ethereum Price Show Bearish Signs

Ethereum attempted a recovery wave above the $4,350 resistance zone, similar to bitcoin. ETH price even climbed above the $4,400 level, but it failed to continue higher.

A high was formed near $4,440 and the price started a fresh decline. There was a break below the $4,350 support zone. Besides, there was a break below a key bullish trend line with support near $4,360 on the hourly chart of ETH/USD.

Ether price declined below the 50% Fib retracement level of the upward move from the $3,960 swing low to $4,440 high. It is now trading below $4,250 and the 100 hourly simple moving average.

Ethereum Price

Source: ETHUSD on TradingView.com

An initial resistance on the upside is near the $4,200 level. The first major resistance is near the $4,320 level and the 100 hourly simple moving average. A close above the $4,300 and $4,320 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $4,400 level. Any more gains could lift the price towards the next key hurdle at $4,550.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $4,300 level, it could extend losses. An initial support on the downside is near the $4,165 level.

The first key support is now forming near the $4,150 level. It is near the 61.8% Fib retracement level of the upward move from the $3,960 swing low to $4,440 high. A downside break below the $4,150 support might push the price further lower. The next key support is near $4,050, below which the price might slide towards the $4,000 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 50 level.

Major Support Level – $4,150

Major Resistance Level – $4,300

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

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

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      10/13/2021

  • Analysis
    • Analysis

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  • Blockchain
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