Prediction/Analysis

TA: Ethereum’s (ETH) rejection. Why could ETH review $ 3,000?

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Ethereum failed again to break through the $ 3.330 resistance against USD. The ETH price is now at greater risk than before, below the $ 3,120 support zone.

  • Ethereum has failed twice to break the $ 3,330 resistance.
  • The price is currently trading below $ 3,200, and the 100-hour simple moving average.
  • The ETH/USD hourly chart showed a break below the key uptrend line, with support at $ 3,200 (data feed via Kraken).
  • The resistance of $ 3,250 will not prevent the pair from falling further.

Key resistance to Ethereum’s price

Ethereum broke through resistance at $ 3.330, which was similar to bitcoin’s $ 48,000. The price of Ethereum failed to rise and failed to break through the resistance zone at $ 3,330.

A high was achieved at $ 3,336 and the market began to fall further. A break below the $ 3250 support level was observed. The hourly ETH/USD chart also showed a break below the key uptrend line, with support at $ 3,200.

The 100-hour simple moving average and $ 3,200 were both below the price of ether. The price of ether retested the $ 3120 support area, where the bulls took a position. The price has now attempted an upward correction and has formed a low near $ 3,120.

The price broke above the $ 3,150 mark. The price rose above the 23.6% Fib level of the recent decline, which was at its highest of $ 3,336 and lowest of $ 3,120.

On the upside, initial resistance lies near the $ 3200 level and the 100-hour simple moving average. The $ 3,240 level is the key resistance. It is close to the 50% Fib level of the recent decline. This was a change from $ 3,336 to $ 3,120.

Source: TradingView.com ETHUSD

A clear breakout and close below the resistance levels at $ 3,240 or $ 3,250 could signal a new rise. The next resistance level could be close to $ 3,300, above which the price may try to break through $ 3,330.

Are there more losses in Ethereum?

Ethereum could extend its correction if it fails above the resistance levels $ 3,240 and $3,250. The immediate downside support is at the $ 3,140 level.

The $ 3,120 level is the first support. A fall below the $ 3,120 support level could cause a sharp decline. The next major support could come at $ 3,000

Technical indicators

Hourly MACDSlowly, the MACD for USD / ETH is losing momentum in a bearish zone.

Hourly RSIThe RSI for USD / ETH is now at 50.

Major support level – $ 3,120

Major Resistance Level $ 3,250


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