TA: Ethereum (ETH) Faces Rejection, Why ETH Could Revisit $3K


Ethereum failed as soon as once more to clear the $3,330 resistance towards the US Dollar. ETH worth is now at a danger of extra losses beneath the $3,120 assist zone.

  • Ethereum failed on two events to clear the $3,330 resistance zone.
  • The worth is now buying and selling beneath $3,200 and the 100 hourly easy transferring common.
  • There was a break beneath a key bullish development line with assist close to $3,200 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
  • The pair might proceed to maneuver down so long as it’s beneath the $3,250 resistance.

Ethereum Price Faces Key Resistance

Ethereum made one other to clear the $3,330 resistance, much like bitcoin at $48okay. However, ETH worth failed to achieve energy and struggled to clear the $3,330 resistance zone.

A excessive was fashioned close to $3,336 and the worth began a recent decline. There was a break beneath the $3,250 assist degree. There was additionally a break beneath a key bullish development line with assist close to $3,200 on the hourly chart of ETH/USD.

Ether worth settled beneath $3,200 and the 100 hourly simple moving average. The worth retested the $3,120 assist zone, the place the bulls took a stand. A low is fashioned close to $3,120 and the worth is now trying an upside correction.

There was a break above the $3,150 degree. The worth recovered above the 23.6% Fib retracement degree of the latest decline from the $3,336 excessive to $3,120 low.

On the upside, an preliminary resistance is close to the $3,200 degree and the 100 hourly easy transferring common. The key resistance is now forming close to the $3,240 degree. It is close to the 50% Fib retracement degree of the latest decline from the $3,336 excessive to $3,120 low.

Source: ETHUSD on TradingView.com

A transparent break and shut above the $3,240 and $3,250 resistance ranges may begin a recent enhance. The subsequent key resistance is perhaps close to the $3,300 degree, above which the worth may try break above $3,330.

More Losses in ETH?

If ethereum fails to proceed greater above the $3,240 and $3,250 resistance ranges, it might lengthen its draw back correction. An instant assist on the draw back is close to the $3,140 degree.

The first key assist is close to the $3,120 degree. A draw back break beneath the $3,120 assist zone might spark a pointy decline. The subsequent main assist could possibly be $3,000.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly shedding tempo within the bearish zone.

Hourly RSIThe RSI for ETH/USD is now beneath the 50 degree.

Major Support Level – $3,120

Major Resistance Level – $3,250



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