TA: Ethereum Trims Gains, Why This Level Is The Key For Fresh Increase
22 November 2021 - 5:18PM
NEWSBTC
Ethereum failed to clear $4,400 and started a fresh decline against
the US Dollar. ETH must stay above $4,120 to start a fresh increase
in the near term. Ethereum started a fresh decline from the $4,440
resistance zone. The price is now trading below $4,250 and the 100
hourly simple moving average. There was a break below a key bullish
trend line with support near $4,360 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could extend losses if it fails to
stay above the $4,120 support zone. Ethereum Price Show Bearish
Signs Ethereum attempted a recovery wave above the $4,350
resistance zone, similar to bitcoin. ETH price even climbed above
the $4,400 level, but it failed to continue higher. A high was
formed near $4,440 and the price started a fresh decline. There was
a break below the $4,350 support zone. Besides, there was a break
below a key bullish trend line with support near $4,360 on the
hourly chart of ETH/USD. Ether price declined below the 50% Fib
retracement level of the upward move from the $3,960 swing low to
$4,440 high. It is now trading below $4,250 and the 100 hourly
simple moving average. Source: ETHUSD on TradingView.com An initial
resistance on the upside is near the $4,200 level. The first major
resistance is near the $4,320 level and the 100 hourly simple
moving average. A close above the $4,300 and $4,320 levels could
start a fresh increase in the near term. In the stated case, the
price might rise towards the $4,400 level. Any more gains could
lift the price towards the next key hurdle at $4,550. More Losses
in ETH? If ethereum fails to start a fresh increase above the
$4,300 level, it could extend losses. An initial support on the
downside is near the $4,165 level. The first key support is now
forming near the $4,150 level. It is near the 61.8% Fib retracement
level of the upward move from the $3,960 swing low to $4,440 high.
A downside break below the $4,150 support might push the price
further lower. The next key support is near $4,050, below which the
price might slide towards the $4,000 level. Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bearish
zone. Hourly RSI – The RSI for ETH/USD is now well below the 50
level. Major Support Level – $4,150 Major Resistance Level – $4,300
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