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    Home»Business»Ethereum Plunges, Can Buyers Save The Key $3K Support?
    Ethereum
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    Ethereum Plunges, Can Buyers Save The Key $3K Support?

    adminBy admin20/01/2022No Comments2 Mins Read
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    Ethereum extended decline below the $3,100 support zone against the US Dollar. ETH price must stay above $3,000 to avoid a sharp decline.

    • Ethereum extended decline below the $3,120 and $3,100 levels.
    • The price is trading below $3,150 and the 100 hourly simple moving average.
    • There is a key bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a decent increase if there is a clear move above the $3,200 resistance zone.

    Ethereum Price Keeps Struggling

    Ethereum failed to settle above $3,200 and extended decline below the $3,120 support zone. ETH even broke the $3,080 level and settled below the 100 hourly simple moving average.

    A low is formed near $3,050 and currently correcting losses. There was a minor recovery wave above the $3,100 level. Ether price climbed above the 50% Fib retracement level of the recent decline from the $3,195 swing high to $3,050 low.

    The first major resistance is near the $3,135 level. There is also a key bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level of the recent decline from the $3,195 swing high to $3,050 low.

    Source: ETHUSD on TradingView.com

    If there is an upside break above the trend line, the price could rise towards the $3,190 resistance zone and the 100 hourly simple moving average. The next major resistance is near the $3,200 level, above which ether price could gain bullish momentum. In the stated case, the price could rise towards $3,300 in the near term.

    More Losses in ETH?

    If ethereum fails to start a fresh increase above the $3,150 level, it could continue to move down. An initial support on the downside is near the $3,080 level.

    The first key support is now forming near the $3,050 level. A downside break below the $3,050 level might even spark a move below the $3,000 level. The next major support for the bulls may perhaps be near the $2,880 zone. Any more losses could push the price towards the $2,750 level.

    Technical Indicators

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

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

    Major Support Level – $3,050

    Major Resistance Level – $3,150



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