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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

TA: Ethereum Turns Red Below $3.4K, Why Upsides Might Be Capped

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum started a sharp decline from the $3,530 zone against the US Dollar. ETH price dived to $3,260 and is currently correcting higher.

  • Ethereum started a major decline from the $3,530 resistance zone.
  • The price is now trading below $3,400 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $3,460 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could face a major resistance near the $3,425 and $3,450 levels.

Ethereum Price Dives 5%

Ethereum struggled to gain pace above the $3,525 and $3,530 resistance levels. ETH topped near the $3,525 level and started a major decline.

The price declined below the $3,450 and $3,420 support levels. There was also a move below the $3,400 level and the 100 hourly simple moving average. Finally, there was a sharp decline below the $3,300 level. It traded as low as $3,261 and is currently correcting losses.

There was a recovery wave above the $3,300 level. It broke the 23.6% Fib retracement level of the recent decline from the $3,580 swing high to $3,261 low.

The price is now facing resistance near the $3,400 level. The next major resistance is near the $3,420 level. It coincides with the 50% Fib retracement level of the recent decline from the $3,580 swing high to $3,261 low.  There is also a major bearish trend line forming with resistance near $3,460 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

If ether price clears the $3,450 resistance zone, it could start a decent increase. In the stated case, the price could climb above the $3,500 zone. The next key barrier is near the $3,525 level, where the bears might take a stand.

More Losses in ETH?

If ethereum fails to start a fresh increase above the $3,420 level, it could start a fresh decline. An initial support on the downside is near the $3,300 zone.

The next major support is near the $3,250 level. If there is a downside break below the $3,250 support, the price could accelerate lower. In the stated case, there is a risk of a move towards the $3,050 level.

Technical Indicators

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

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

Major Support Level – $3,250

Major Resistance Level – $3,420

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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