TA: Why Ethereum At Risk of Fresh Decline, $3,200 Holds The Key
January 17 2022 - 3:08AM
NEWSBTC
Ethereum struggling to clear the $3,400 resistance against the US
Dollar. ETH price is holding the $3,250 support, but there is a
risk of more downsides. Ethereum started a downside correction from
the $3,400 resistance zone. The price is trading below $3,300 and
the 100 hourly simple moving average. There was a break below a key
rising channel with support near $3,320 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a fresh
increase if it stays above the $3,250 support zone. Ethereum Price
Corrects Lower Ethereum made another attempt to clear the $3,400
resistance zone. ETH failed to gain strength and corrected lower
from the $3,391 swing high. There was a break below the $3,320 and
$3,300 support levels. Ether price even settled below $3,300 and
the 100 hourly simple moving average. Besides, there was a break
below a key rising channel with support near $3,320 on the hourly
chart of ETH/USD. A low is formed near $3,238 and the price is now
correcting higher. There was a break above the 23.6% Fib
retracement level of the recent decline from the $3,391 swing high
to $3,238 low. On the upside, an immediate resistance is near the
$3,300 level and the 100 hourly simple moving average. It is near
the 50% Fib retracement level of the recent decline from the $3,391
swing high to $3,238 low. Source: ETHUSD on TradingView.com The
first major resistance is near the $3,320 level. A clear move above
the $3,320 level might start another increase in the near term. The
next major resistance is near the $3,400 level, above which ether
price could gain bullish momentum. In the stated case, the price
could test $3,550 level in the near term. More Losses in ETH? If
ethereum fails to start a fresh increase above the $3,300 level, it
could continue to move down. An initial support on the downside is
near the $3,250 level. The first key support is now forming near
the $3,200 level. A downside break below the $3,200 level might
push the price further lower. Any more losses could lead the price
towards $3,000. 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 below the 50 level. Major Support Level – $3,200
Major Resistance Level – $3,320
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