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    Home»Business»Ethereum Nosedives, Indicators Show Signs of Larger Downtrend
    Ethereum
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    Ethereum Nosedives, Indicators Show Signs of Larger Downtrend

    adminBy admin21/01/2022No Comments3 Mins Read
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    Ethereum extended decline below the $3,000 support zone against the US Dollar. ETH price could extend losses towards the $2,650 support in the near term.

    • Ethereum extended decline below the $3,050 and $3,000 support levels.
    • The price is trading below $3,000 and the 100 hourly simple moving average.
    • There was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could extend losses if there is a clear move below the $2,800 support zone.

    Ethereum Price Dives 8%

    Ethereum failed to gain strength above the $3,250 level and started a major decline. ETH formed a high near $3,272 before there was a major decline.

    There was a sharp move below the $3,120 and $3,050 support levels. Besides, there was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD. Ether price even settled below the $3,000 level and the 100 hourly simple moving average.

    The price spiked below the $2,900 level and traded as low as $2,808. It is now consolidating losses above the $2,800 level. An initial resistance is near the $2,900 zone. It is close to the 23.6% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.

    The first major resistance is near the $3,000 level or the 50% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.

    Source: ETHUSD on TradingView.com

    If there is an upside break above $3,000 resistance, zone, the price could rise towards the 100 hourly simple moving average. The next major resistance is near the $3,200 level.

    More Losses in ETH?

    If ethereum fails to start a recovery wave above the $2,900 level, it could continue to move down. An initial support on the downside is near the $2,820 level.

    The first key support is now forming near the $2,800 level. A downside break below the $2,800 level might start another strong decline. The next major support for the bulls may perhaps be near the $2,650 zone. Any more losses could push the price towards the $2,500 level.

    Technical Indicators

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

    Hourly RSI – The RSI for ETH/USD is now in the oversold zone.

    Major Support Level – $2,800

    Major Resistance Level – $3,000



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