Ethereum cuts revenue, why this level is the key to new growth

Ethereum failed to clear $4,400 and started a new round of decline in the exchange rate against the U.S. dollar. ETH must remain above US$4,120 to start a new rise in the short term.

  • Ethereum started a new decline from the resistance zone of $4,440.
  • The price is now below $4,250 and the 100-hour simple moving average.
  • On the hourly chart of ETH/USD (through data provided by Kraken), the key bullish trend line was broken, and the support level was near $4,360.
  • If it fails to stay above the $4,120 support area, the currency pair may extend its decline.

Ethereum price shows bearish signs

Ethereum tried one Recovery wave Above the resistance zone of $4,350, similar to Bitcoin. The price of ETH even climbed to more than $4,400, but it failed to continue to rise.

A high was formed near $4,440, and the price started a new decline. Break below the USD 4,350 support zone. In addition, on the hourly chart of ETH/USD, the key bullish trend line was broken, and the support level was near $4,360.

The price of Ether fell below the 50% Fibonacci retracement level and recovered from a low of $3,960 to a high of $4,440. It is currently trading at less than US$4,250, 100 hour simple moving average.

source: ETHUSD on TradingView.com

The initial resistance on the upside is near the $4,200 level. The first major resistance is near 4,320 USD and the 100-hour simple moving average. Closing above US$4,300 and US$4,320 may start a new rise in the short term. Under the above circumstances, the price may rise to the level of 4,400 US dollars. Further increases may push prices up to the next key obstacle of $4,550.

ETH loses more?

If Ethereum fails to start a new rise above $4,300, it may expand its losses. Initial support for the downside is near $4,165.

The first key support level is now formed near $4,150. It is close to the 61.8% Fibonacci retracement level from the swing low of $3,960 to the high of $4,440. A break below the $4,150 support level may further push prices down. The next key support is near the $4,050 level, below which the price may slide to the $4,000 level.

Technical index

MACD per hour —— The MACD of ETH/USD loses pace in the bearish zone.

RSI per hour —— The RSI for ETH/USD is now well below the 50 level.

Main support level – 4,150 USD

Main resistance level – 4,300 USD

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *