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TA: Ethereum Trims Gains, Here’s What Could Trigger Larger Decline

TA: Ethereum Trims Gains, Here’s What Could Trigger Larger Decline
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Ethereum traded to a new all-time high above $4,200 before correcting lower against the US Dollar. ETH price is now trading well below $4,000, with a few bearish signs.

  • Ethereum extended its rally above $4,000 and it traded to a new all-time high near $4,215.
  • The price is now correcting below $4,000 and testing the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $3,980 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower towards the $3,600 and $3,500 support levels.

Ethereum Price Corrects Lower

Ethereum extended its upward move after it broke the $4,000 resistance zone. ETH price even cleared the $4,150 resistance and $4,200. It traded to a new all-time high near $4,215 before starting a sharp downside correction.

There was a break below the $4,100 and $4,000 support levels. Ether declined heavily below $4,000 and the 100 hourly simple moving average. There was also a break below a key bullish trend line with support near $3,980 on the hourly chart of ETH/USD.

The pair spiked below the $3,600 support on Kraken and it traded as low as $3,501. It is now recovering losses and trading above the $3,800 level. There was a break above the 23.6% Fib retracement level of the recent drop from the $4,213 high to $3,501 low.

Source: ETHUSD on TradingView.com

On the upside, the price is facing hurdles near the $3,850 and $3,900 levels. The 50% Fib retracement level of the recent drop from the $4,213 high to $3,501 low is also near $3,860. The main resistance sits at $3,940, above which the price is likely to climb steadily towards the recent all-time high. An intermediate resistance could be near the $4,120 level.

Dips Limited in ETH?

If Ethereum fails to continue higher towards $4,000, it could start another downside correction. An initial support on the downside is near the $3,750 level.

The first key support is near the $3,680 level. The main support is now forming near the $3,600 level. If there is a downside break below the $3,600 zone, the pair could dive towards the $3,300 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is well below the 50 level.

Major Support Level – $3,680

Major Resistance Level – $3,950

 

Source: NewsBTC

 

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