TA: Ethereum Turns Red, Why ETH’s Recovery Could Be Limited
October 28 2021 - 1:38AM
NEWSBTC
Ethereum is following a bearish path below $4,100 against the US
Dollar. ETH could recover, but upsides might be capped near $4,050
and $4,110. Ethereum extended its decline below the $4,100 and
$4,000 support levels. The price is now trading below $4,100 and
the 100 hourly simple moving average. There was a break below a
crucial ascending channel with support near $4,150 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could extend its
decline if there is a break below $3,900 in the near term. Ethereum
Price Could Extend Losses Ethereum failed to stay above the $4,120
and $4,100 support levels. ETH extended its decline below $4,000
and moved into a bearish zone, like bitcoin. There was also a close
below the $4,000 level and the 100 hourly simple moving average.
Besides, there was a break below a crucial ascending channel with
support near $4,150 on the hourly chart of ETH/USD. The price
spiked below the $3,920 level and traded as low as $3,889. Ether
price is now consolidating losses above the $3,900 level. The price
is trading above the 23.6% Fib retracement level of the downward
move from the $4,313 swing high to $3,889 low. An immediate
resistance on the upside is near the $4,010 level and a declining
channel on the same chart. Source: ETHUSD on TradingView.com The
next major resistance is near the $4,100 level. It is near the 50%
Fib retracement level of the downward move from the $4,313 swing
high to $3,889 low. A break above the $4,100 level may possibly
push the price above the $4,200 level in the near term. Any more
gains could lead the price towards the $4,320 level. More Losses in
ETH? If ethereum fails to recover above the $4,050 and $4,100
resistance levels, it could continue to move down. An initial
support on the downside is near the $3,950 level. The first major
support is near the $3,920 level. The main support is near the
$3,900 level. Any more downsides could lead the price towards the
$3,800 support. The next major support for the bulls is near the
$3,720 level. Technical Indicators Hourly MACD – The MACD for
ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI –
The RSI for ETH/USD is still below the 50 level. Major Support
Level – $3,900 Major Resistance Level – $4,100
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