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    Home»Altcoin»Ethereum (ETH) Price Analysis: Recovery May Be Limited, What Are The Key Levels?
    Altcoin

    Ethereum (ETH) Price Analysis: Recovery May Be Limited, What Are The Key Levels?

    cryptossorBy cryptossorKasım 6, 2021Yorum yapılmamış3 Mins Read
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    Ethereum fell to $ 3,889 after the drop in Bitcoin yesterday. According to technical analysis by NewsBTC’s Aayush Jindal, Ethereum may rally but the upside may be limited around $4,050 and $4,110:

    • Ethereum extended its decline below the $4,100 and $4,000 support levels.
    • Price is currently trading below $4.100 and the 100 hourly simple moving average.
    • There was a break below a key ascending channel with support near $4.150 on the hourly chart of ETH/USD (data from Kraken).

    • If there is a break below $3,900 in the near term, the pair may continue its decline.

    Ethereum May Increase Losses

    Contact us to be informed about the last minute developments. Twitter and Telegram you can follow our channel.

    Ethereum started a decline from $4,300 yesterday with the market drop. ETH failed to stay above the $4.120 and $4.100 support levels and extended its decline below $4,000, entering a bearish zone like Bitcoin. There was also a close below the $4,000 level and the 100 hourly simple moving average. Besides, there was a break below a key ascending channel with support near $4,150 on the hourly chart of ETH/USD. The price spiked below the $3,920 level and settled as low as $3,889.

    Ethereum price is currently consolidating losses above the $3,900 level. ETH is 23% of the downside move from $4.313 to $3,889. It is trading above the 6 Fib retracement level. An immediate resistance on the upside is near the $4,010 level and a falling channel on the same chart.

    Will Ethereum Rise?

    The next major resistance is near the $4,100 level. This is near the 50% Fib retracement level of the downside move from the $4,313 low to $3,889 low. A break above the $4.100 level could push the price above the $4,200 level in the near term. Any further gains could lead the price towards the $4,320 level.

    Is It Falling More?

    Jindal says that if Ethereum fails to break above the $4,050 and $4,100 resistance levels, it could continue to decline. An initial support on the downside is near the $3,950 level. The first major support is near the $3,920 level. The main support is near the $3,900 level. More bearish assets could lead the $3,800 support. The next major support for the bulls is near the $3,720 level.

    What Do Technical Indicators Say?

    • Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
    • Hourly RSI – The RSI for ETH/USD is still below the 50 level.
    • Main Support Level – $3,900
    • Main Resistance Level – 4. $100
    Below Decline Dollar Level Support
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    Previous ArticleBitcoin (BTC) Price Analysis: Will It Drop More?
    Next Article Whales Transfer Large Amounts of Ethereum (ETH)
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