TA: Ethereum Topside Bias Vulnerable If It Struggles Below $3K
22 September 2021 - 03:08PM
NEWSBTC
Ethereum settled below the $3,000 support zone against the US
Dollar. ETH price could resume its decline unless there is a clear
break above the $3,000 resistance zone. Ethereum started a fresh
decline below the $3,100 and $3,000 support levels. The price is
now trading below $3,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near
$3,000 on the hourly chart of ETH/USD (data feed via Kraken). The
pair could resume its decline unless there is a clear break above
the $3,000 resistance zone. Ethereum Price Remains At Risk Ethereum
started another decline from the $3,100 resistance zone. ETH traded
below many important support zones near $3,000 and the 100 hourly
simple moving average, similar to bitcoin. The price even broke the
$2,800 support level to move further into a bearish zone. A low is
formed near $2,651 and the price is now correcting losses. There
was a break above the $2,800 and $2,850 resistance levels. The
price recovered above the 23.6% Fib retracement level of the recent
drop from the $3,105 swing high to $2,651 low. An immediate
resistance on the upside is near the $2,880 level. There is also a
major bearish trend line forming with resistance near $3,000 on the
hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The
trend line is close to the 50% Fib retracement level of the recent
drop from the $3,105 swing high to $2,651 low. A close above the
$3,000 resistance could start a decent recovery. The next major
resistance might be near the $3,105 level. A clear break and close
above the $3,105 level could start a steady increase. The next
major resistance sits near $3,135 and the 100 hourly SMA. More
Losses in ETH? If ethereum fails to correct higher above the $2,880
and $3,000 resistance levels, it could start another decline. An
initial support on the downside is near the $2,800 level. The next
major support seems to be forming near the $2,650 level. A downside
break below the $2,650 support zone could lead the price towards
the $2,550 zone. The next major support is near the $2,500 level,
below which ether price might decline towards the $2,420 support
zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is
slowly losing pace in the bullish zone. Hourly RSI – The RSI for
ETH/USD is still below the 50 level. Major Support Level – $2,650
Major Resistance Level – $3,000
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