Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level

Time:2022-01-12 Source: 862 views Trending Copy share

Ethereum declined heavily below the $3,250 support against the US Dollar. ETH price tested $3,000 before it attempted an upside correction.


Ethereum started another decline and traded below the $3,150 support zone.
The price is trading below $3,250 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a major recovery wave if there is a clear move above $3,300.
Ethereum Price Remains At Risk
Ethereum failed to clear the $3,350 resistance level and started another major decline. ETH declined below the $3,250 and $3,120 support levels to move further into a bearish zone.

The price spiked towards $3,000 and traded as low as $3,006. Recently, there was a minor upside correction above the $3,120 and $3,150 levels. Besides, there was a break above a key bearish trend line with resistance near $3,100 on the hourly chart of ETH/USD.

Ether price even climbed above $3,200, but there was no upside continuation. Ether price started a fresh decline and traded below $3,200.

The price declined below the 23.6% Fib retracement level of the upward move from the $3,006 swing low to $3,209 high. On the upside, an immediate resistance is near the $3,200 level. The next major resistance is near the $3,250 level and the 100 hourly simple moving average.
Ethereum Price

Source: ETHUSD on TradingView.com
The main resistance is near the $3,000 level. A clear upside break above the $3,300 level could spark a decent recovery wave. The next key resistance is near the $3,450 level.

More Losses in ETH?
If ethereum fails to start a fresh increase above the $3,250 level, it could continue to move down. An initial support on the downside is near the $3,120 level.

The first key support is now forming near the $3,100 level. It is near the 50% Fib retracement level of the upward move from the $3,006 swing low to $3,209 high. A downside break below the $3,100 level might lead the price towards the key $3,000 support in the near term.

by Aayush Jindal

Disclaimer : The above empty space does not represent the position of this platform. If the content of the article is not logical or has irregularities, please submit feedback and we will delete or correct it, thank you!

Top News