TA: Ethereum Tops Near Key Juncture, Why Bulls Could Struggle
28 Septiembre 2021 - 12:08AM
NEWSBTC
Ethereum failed to clear a major hurdle near $3,165 against the US
Dollar. ETH price is declining and it remains at a risk of a move
below $2,800. Ethereum started an upside correction above $3,000,
but it failed near $3,165. The price is now trading below $3,000
and the 100 hourly simple moving average. There is a key bearish
trend line forming with resistance near $3,030 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could extend decline if
it breaks the $2,900 support zone in the near term. Ethereum Price
Is Trimming Gains Ethereum started a fresh increase from the $2,740
low, similar to bitcoin. ETH broke the $2,950 and $3,000 resistance
levels. It also cleared the $3,100 level and the 100 hourly simple
moving average. However, the bears protected a major refection zone
near $3,165. A high was formed near $3,165 and the price started a
fresh decline. Ether price declined below the $3,100 and $3,050
support levels. The price even traded below the 50% Fib retracement
level of the upward move from the $2,740 swing low to $3,165 high.
It is now trading below $3,000 and the 100 hourly simple moving
average. There is also a key bearish trend line forming with
resistance near $3,030 on the hourly chart of ETH/USD. On the
upside, an immediate resistance is near the $3,000 level and the
100 hourly simple moving average. Source: ETHUSD on TradingView.com
The first major resistance is near the $3,030 level. A break above
$3,000 and $3,030 could lead the price towards the main breakout
zone at $3,165. A close above the $3,165 resistance could push the
price further higher towards $3,320. More Losses in ETH? If
ethereum fails to continue higher above the $3,000 and $3,030
resistance levels, it could extend its decline. An initial support
on the downside is near the $2,920 level. The next major support
seems to be forming near the $2,900 level. It is close to the 61.8%
Fib retracement level of the upward move from the $2,740 swing low
to $3,165 high. If ether fails to stay above $2,900, it could
accelerate lower towards the $2,740 swing low. 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 well below
the 50 level. Major Support Level – $2,900 Major Resistance Level –
$3,030
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