TA: Why Ethereum Remains At Risk of A Fresh Drop To $3K
September 13 2021 - 12:48AM
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Ethereum is struggling to climb above $3,500 against the US Dollar.
ETH price is moving lower and it could decline further below the
$3,200 support zone Ethereum failed to clear the $3,450 level and
started a fresh decline. The price is now trading well below $3,400
and the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $3,400 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could extend its
decline if there is a clear break below the $3,200 support zone.
Ethereum Price is Struggling Below $3,400 Ethereum attempted a
recovery wave above the $3,400 level. However, ETH struggled to
clear the $3,450 resistance and it even failed to stay above the
100 hourly simple moving average. A high was formed near $3,450 and
the price started a fresh decline, similar to bitcoin. There was a
break below the $3,350 and $3,320 support levels. Ether traded
below the 50% Fib retracement level of the upward move from the
$3,148 swing low to $3,450 high. It is now trading well below
$3,400 and the 100 hourly simple moving average. There is also a
major bearish trend line forming with resistance near $3,400 on the
hourly chart of ETH/USD. Besides, it is now trading well below
$3,400 and the 100 hourly simple moving average. Source: ETHUSD on
TradingView.com An immediate resistance on the upside is near the
$3,320 level. The first major resistance is near the $3,380 level.
A proper move above the $3,380 level and $3,400 could increase the
chances of a steady increase. The next major resistance sits near
$3,500. More Losses in ETH? If ethereum fails to continue higher
above the $3,350 and $3,400 resistance levels, it could start
another downward move. An immediate support on the downside is near
the $3,220 level. The 76.4% Fib retracement level of the upward
move from the $3,148 swing low to $3,450 high is also near $3,220.
A downside break below the $3,220 and $3,200 support levels might
push the price further lower. The next major support is now forming
near the $3,150 zone, below which ether price might revisit $3,000.
Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly
gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD
is now below the 50 level. Major Support Level – $3,200 Major
Resistance Level – $3,380
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