TA: Ethereum Dives Below $3K, Can The Bulls Save Day?

2022-4-22 08:08

Ethereum started a sharp decline from $3,180 against the US Dollar. ETH bulls must protect the $2,950 support to avoid a trend change in the near term.

Ethereum failed to gain strength above $3,150 and started a fresh decline. The price is now trading above $3,030 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,950 support to avoid more downsides in the near term. Ethereum Price Dips

Ethereum attempted a clear move above the $3,150 resistance zone. However, ETH failed to gain strength above the $3,150 level and formed a short-term top near $3,180.

A high was formed at $3,179 and the price started a sharp decline. There was a clear move below the $3,100 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,100 on the hourly chart of ETH/USD.

Ether price declined below the 50% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. The price even tested the $2,950 support zone.

It seems like the bulls are defending the 76.4% Fib retracement level of the upward wave from the $2,880 swing low to $3,179 high. On the upside, an initial resistance is seen near the $3,020 level. The next major resistance is near the $3,030 level.

Source: ETHUSD on TradingView.com

The main resistance now sits near $3,060 and the 100 hourly simple moving average. A close above the $3,060 level might start a fresh rise in the near term. In the stated case, ether might climb towards the $3,150 level.

More Downsides in ETH?

If ethereum fails to gain pace above the $3,030 level, it could continue to move down. An initial support on the downside is near the $2,970 zone.

The first major support is near the $2,950 level. If there is a downside break below the $2,950 support, the price could accelerate lower. The next key support is near the $2,880 zone.

Technical Indicators

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

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

Major Support Level – $2,950

Major Resistance Level – $3,060

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Ethereum (ETH) на Currencies.ru

$ 1882.83 (-0.03%)
Объем 24H $3.669b
Изменеия 24h: -0.10 %, 7d: -1.96 %
Cегодня L: $1876.55 - H: $1883.57
Капитализация $227.223b Rank 2
Цена в час новости $ 3004.05 (-37.32%)

ethereum bulls decline started change trend avoid

Источник: newsbtc.com

ethereum bulls → Результатов: 126


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