AnalysisEthereum

Ethereum Price Faces Key Obstacles! Here are the Bear and the Bull Scenarios

Ethereum Price Faces Key Obstacles! Here are the Bear and the Bull Scenarios

Ethereum price struggled to continue rising against the US Dollar and dropped below $ 400. Ethereum price consolidates losses and must exceed $ 395 for a new rally, according to successful analyst Aayush Jindal.

  • Ethereum price corrected below the $ 400 and $ 392 support levels against the US Dollar.
  • The price is trading near the $ 385 zone and the 100 simple moving average (4-hours).
  • There is a major bearish trend line showing resistance near $ 395 on the 4-hour chart of ETH / USD (data feed via Kraken).
  • The pair is likely to rise if it clears the $ 392, $ 395 and $ 396 resistance levels.

Analyst: Ethereum price faces key hurdles!

Recently, Ethereum started a downside correction well above $ 400 against the US Dollar. ETH price even traded below the $ 392 support level and the 100 simple moving average (4-hours). After Bitcoin’s sudden surge towards $ 14,000, there was a downtrend around $ 373. Later, ETH price started an upward correction. There was a break above the $ 380 and $ 382 levels. 

ethereum
ethereum

The price even climbed above the 23.6% Fib retracement level of the downside move from $ 410 to $ 373. However, the price seems to be facing strong resistance near the $ 392 level. ETH is near the 50% Fib retracement level of the downward move from $ 410 to $ 373. The next major resistance is near the $ 395 and $ 396 levels. There is also a major bearish trend line with resistance near $ 395 on the 4-hour chart of ETH / USD. 

Here are the key levels Ethereum can see in the short term.

A successful break above the $ 392, $ 395 and $ 396 resistance levels is essential to launch a new rally in the near term. The next resistance is near the $ 400 level, according to the analyst. The bulls are likely to target a retest of the $ 420 resistance zone in the coming sessions, analyst said.

ethereum
ethereum

If Ethereum fails to clear the $ 392 and $ 395 resistance levels, it could begin a new downside correction. The first downside support is near the $ 382 level, according to the analyst. The main support is formed near the $ 373 low. More losses could steer the price towards the critical $ 365 support (multi-contact zone), according to the analyst.

Current outlook of Ethereum price with technical indicators

4-hour MACD: The MACD for ETH / USD is struggling to gain momentum in the bullish zone.

4 hours RSI: The RSI for ETH / USD is currently just below the 50 level.

Major Support Level: $ 382.

Major Resistance Level: $ 395.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

One Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Enter your email address:

Delivered by FeedBurner