TA: Ethereum Breaking This Confluence Resistance Could Spark a Recovery
September 21 2021 - 1:08AM
NEWSBTC
Ethereum started a major decline below the $3,200 support zone
against the US Dollar. ETH price traded as low as $2,807 and it is
now attempting a recovery wave. Ethereum started a fresh decline
below the $3,300 and $3,200 support levels. The price is now
trading below $3,200 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near
$3,020 on the hourly chart of ETH/USD (data feed via Kraken). The
pair could a steady recovery wave if there is a close above $3,050
in the near term. Ethereum Price Corrects Losses Ethereum started a
major decline from the $3,500 resistance zone. ETH traded below
many important support zones near $3,300 and the 100 hourly simple
moving average, similar to bitcoin. The bears gained strength below
the $3,200 support zone. Finally, ether spiked below $3,000 and
extended its decline. A low is formed near $2,807 and the price is
now correcting losses. There was a break above the $2,920 and
$2,950 resistance levels. The price recovered above the 23.6% Fib
retracement level of the recent decline from the $3,455 swing high
to $2,807 low. An immediate resistance on the upside is near the
$3,020 level. There is also a key bearish trend line forming with
resistance near $3,020 on the hourly chart of ETH/USD. Source:
ETHUSD on TradingView.com A close above the $3,020 and $3,050
levels could start a decent recovery. The next major resistance
might be near the $3,130 level. It is near the 50% Fib retracement
level of the recent decline from the $3,455 swing high to $2,807
low. A clear break and close above the $3,130 level could start a
steady increase. The next major resistance sits near $3,300. More
Losses in ETH? If ethereum fails to correct higher above the $3,020
and $3,050 resistance levels, it could start another decline. An
initial support on the downside is near the $2,960 level. The next
major support seems to be forming near the $2,900 level. A downside
break below the $2,900 support zone could lead the price towards
the $2,800 zone. The next major support is near the $2,750 level,
below which ether price might decline towards the $2,640 support
zone. 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 still well below the 50 level. Major Support Level –
$2,960 Major Resistance Level – $3,050
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