17.7 C
New York
Sunday, September 24, 2023

Buy now

Ethereum Topside Bias Vulnerable If ETH Dives Below $3,120

Ethereum extended losses below the $3,300 support zone against the US Dollar. ETH price even traded below $3,200 and might continue to move down.

Ethereum started a major decline from the $3,450 resistance zone.
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 $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of more losses below the $3,140 and $3,120 levels.

Ethereum Price Extends Downsides
Ethereum formed a top and started a major decline below the $3,400 level. ETH even traded below the $3,340 level to move further into a bearish zone.
The bears gained pace for a move below the $3,300 level and the 100 hourly simple moving average. Ether even spiked below the $3,200 level and traded as low as $3,143. It is now consolidating above the $3,150 level. It is trading below $3,200 and the 100 hourly simple moving average.
On the upside, an initial resistance is seen near the $3,240 level. It is close to the 23.6% Fib retracement level of the recent decline from the $3,548 swing high to $3,143 low.
The next major resistance is near the $3,345 level. It coincides with the 50% Fib retracement level of the recent decline from the $3,548 swing high to $3,143 low. The main resistance is now forming near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,425 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
If ether price clears the $3,400 resistance zone, it could start a decent increase. In the stated case, the price could climb above the $3,450 zone. The next key barrier is near the $3,500 level.
More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,400 level, it could continue to move down. An initial support on the downside is near the $3,140 zone.
The next major support is near the $3,120 level. If there is a downside break below the $3,120 support, the price could gain bearish momentum. In the stated case, there is a risk of a move towards the $3,000 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,120
Major Resistance Level – $3,400

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,481.10
ethereum
Ethereum (ETH) $ 1,589.54
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 209.44
xrp
XRP (XRP) $ 0.505629
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,588.75
dogecoin
Dogecoin (DOGE) $ 0.061121
cardano
Cardano (ADA) $ 0.244465
solana
Solana (SOL) $ 19.45
the-open-network
Toncoin (TON) $ 2.23
tron
TRON (TRX) $ 0.084031
polkadot
Polkadot (DOT) $ 4.02
matic-network
Polygon (MATIC) $ 0.519909
litecoin
Litecoin (LTC) $ 64.29
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,458.09
bitcoin-cash
Bitcoin Cash (BCH) $ 206.84
chainlink
Chainlink (LINK) $ 7.07
dai
Dai (DAI) $ 0.999597
true-usd
TrueUSD (TUSD) $ 0.999472
leo-token
LEO Token (LEO) $ 3.71
uniswap
Uniswap (UNI) $ 4.25
avalanche-2
Avalanche (AVAX) $ 8.88
stellar
Stellar (XLM) $ 0.112842
monero
Monero (XMR) $ 142.97
okb
OKB (OKB) $ 42.78
binance-usd
Binance USD (BUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 15.15
cosmos
Cosmos Hub (ATOM) $ 7.09
hedera-hashgraph
Hedera (HBAR) $ 0.050202
filecoin
Filecoin (FIL) $ 3.22
crypto-com-chain
Cronos (CRO) $ 0.050580
lido-dao
Lido DAO (LDO) $ 1.48
internet-computer
Internet Computer (ICP) $ 2.94
quant-network
Quant (QNT) $ 89.32
mantle
Mantle (MNT) $ 0.396905
aptos
Aptos (APT) $ 5.30
vechain
VeChain (VET) $ 0.016637
maker
Maker (MKR) $ 1,270.31
arbitrum
Arbitrum (ARB) $ 0.816685
near
NEAR Protocol (NEAR) $ 1.10
optimism
Optimism (OP) $ 1.27
kaspa
Kaspa (KAS) $ 0.048112
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,722.24
aave
Aave (AAVE) $ 62.15
the-graph
The Graph (GRT) $ 0.086680
algorand
Algorand (ALGO) $ 0.101766
whitebit
WhiteBIT Coin (WBT) $ 5.31
usdd
USDD (USDD) $ 0.997971