3.8 C
New York
Thursday, February 22, 2024

Buy now

What Could Trigger Sharp Decline

Ethereum is struggling below the $1,100 zone against the US Dollar. ETH could gain bearish momentum if it breaks the $1,030 support zone.

Ethereum is facing resistance near the $1,100 and $1,120 levels.
The price is now trading below $1,150 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline heavily if there is a clear move below the $1,030 and $1,000 levels.

Ethereum Price Faces Hurdles
Ethereum started a downside correction after it failed near $1,190 and $1,200. ETH corrected lower and traded below the $1,120 support zone.
There was a clear move below the 23.6% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. Ether price even settled below the $1,150 zone and the 100 hourly simple moving average. However, the bulls were active above the $1,030 support.
Ether price stayed above the 50% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. An immediate resistance on the upside is near the $1,080 level.
There is also a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD. The next major resistance is near the $1,120 zone. The main resistance sits near the $1,150 level. A clear move above the $1,150 resistance zone could start a steady increase.

Source: ETHUSD on TradingView.com
The next major resistance is near the $1,200 level or the $1,192 high. Any more gains could start a move towards the $1,280 resistance in the near term.
More Losses in ETH?
If ethereum fails to rise above the $1,120 resistance, it could continue to move down. An initial support on the downside is near the $1,040 zone.
The next major support is near the $1,030 zone. A close below the $1,030 level might push the price below $1,000. In the stated case, ether price may perhaps decline towards the $950 level. Any more losses might call for a move towards the $880 support zone in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,030
Major Resistance Level – $1,120

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) $ 51,134.70
ethereum
Ethereum (ETH) $ 2,913.95
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 373.64
solana
Solana (SOL) $ 102.02
xrp
XRP (XRP) $ 0.543521
staked-ether
Lido Staked Ether (STETH) $ 2,912.03
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.585810
avalanche-2
Avalanche (AVAX) $ 36.85
tron
TRON (TRX) $ 0.139398
dogecoin
Dogecoin (DOGE) $ 0.083463
chainlink
Chainlink (LINK) $ 18.29
polkadot
Polkadot (DOT) $ 7.35
matic-network
Polygon (MATIC) $ 0.923242
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,067.68
the-open-network
Toncoin (TON) $ 2.11
internet-computer
Internet Computer (ICP) $ 12.88
shiba-inu
Shiba Inu (SHIB) $ 0.000009
uniswap
Uniswap (UNI) $ 7.20
bitcoin-cash
Bitcoin Cash (BCH) $ 259.52
litecoin
Litecoin (LTC) $ 68.27
dai
Dai (DAI) $ 1.00
immutable-x
Immutable (IMX) $ 3.24
kaspa
Kaspa (KAS) $ 0.168592
leo-token
LEO Token (LEO) $ 4.09
cosmos
Cosmos Hub (ATOM) $ 9.85
blockstack
Stacks (STX) $ 2.58
bittensor
Bittensor (TAO) $ 586.70
ethereum-classic
Ethereum Classic (ETC) $ 25.67
filecoin
Filecoin (FIL) $ 7.06
optimism
Optimism (OP) $ 3.63
hedera-hashgraph
Hedera (HBAR) $ 0.101364
aptos
Aptos (APT) $ 9.04
near
NEAR Protocol (NEAR) $ 3.14
stellar
Stellar (XLM) $ 0.112613
okb
OKB (OKB) $ 51.34
vechain
VeChain (VET) $ 0.042250
injective-protocol
Injective (INJ) $ 34.11
first-digital-usd
First Digital USD (FDUSD) $ 1.01
celestia
Celestia (TIA) $ 16.97
lido-dao
Lido DAO (LDO) $ 2.98
crypto-com-chain
Cronos (CRO) $ 0.089226
render-token
Render (RNDR) $ 6.25
arbitrum
Arbitrum (ARB) $ 1.84
mantle
Mantle (MNT) $ 0.709593
the-graph
The Graph (GRT) $ 0.235214
monero
Monero (XMR) $ 120.11
sei-network
Sei (SEI) $ 0.845395
sui
Sui (SUI) $ 1.66