TA: Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level
January 10 2022 - 4:18AM
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Ethereum declined heavily below the $3,250 support against the US
Dollar. ETH price tested $3,000 before it attempted an upside
correction. Ethereum started another decline and traded below the
$3,150 support zone. The price is trading below $3,250 and the 100
hourly simple moving average. There was a break above a key bearish
trend line with resistance near $3,100 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a major
recovery wave if there is a clear move above $3,300. Ethereum Price
Remains At Risk Ethereum failed to clear the $3,350 resistance
level and started another major decline. ETH declined below the
$3,250 and $3,120 support levels to move further into a bearish
zone. The price spiked towards $3,000 and traded as low as $3,006.
Recently, there was a minor upside correction above the $3,120 and
$3,150 levels. Besides, there was a break above a key bearish trend
line with resistance near $3,100 on the hourly chart of ETH/USD.
Ether price even climbed above $3,200, but there was no upside
continuation. Ether price started a fresh decline and traded below
$3,200. The price declined below the 23.6% Fib retracement level of
the upward move from the $3,006 swing low to $3,209 high. On the
upside, an immediate resistance is near the $3,200 level. The next
major resistance is near the $3,250 level and the 100 hourly simple
moving average. Source: ETHUSD on TradingView.com The main
resistance is near the $3,000 level. A clear upside break above the
$3,300 level could spark a decent recovery wave. The next key
resistance is near the $3,450 level. More Losses in ETH? If
ethereum fails to start a fresh increase above the $3,250 level, it
could continue to move down. An initial support on the downside is
near the $3,120 level. The first key support is now forming near
the $3,100 level. It is near the 50% Fib retracement level of the
upward move from the $3,006 swing low to $3,209 high. A downside
break below the $3,100 level might lead the price towards the key
$3,000 support in the near term. Technical Indicators Hourly MACD –
The MACD for ETH/USD is now moving into the bearish zone. Hourly
RSI – The RSI for ETH/USD is above the 50 level. Major Support
Level – $3,100 Major Resistance Level – $3,300
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