TA: Ethereum Nosedives, Indicators Show Signs of Larger Downtrend
January 21 2022 - 12:08AM
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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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