Cryptocurrency news

Here are the Levels where Ethereum can and should be seen today

Here are the Levels where Ethereum can and should be seen today

According to popular analyst Aayush Jindal, ETH price is currently approaching a major support zone near the $ 400 level.

  • Ethereum dropped over 5% and broke the $ 425 and $ 420 support levels.
  • The price even fell below the $ 420 level and the 100 hourly simple moving average.
  • There is a new bearish trend line showing resistance near $ 420 on the hourly chart of the ETH / USD pair (data feed via Kraken).
  • The pair is likely to find strong buying interest near the $ 400 and $ 398 support levels.

Ethereum price crashed! Here’s what’s on the market …

Following an unsuccessful attempt to gain strength above $ 445, Ethereum started a downside correction against the US Dollar. ETH dropped above 5% and broke the $ 425 and $ 420 support levels. The recent decline even caused the price to drop below the $ 420 level and the 100 hourly simple moving average. ETH traded lows as low as $ 405 and is currently trying to gain momentum. Initial resistance is near the $ 415 level.

The 23.6% Fib retracement level of the last drop from the $ 447 high to $ 405 is also near the $ 415 level to act as a hurdle. Also, there is a new bearish trend line with resistance near $ 420 on the hourly chart of the ETH / USD pair. The main resistance is now forming near the $ 425 level and the 100 hourly simple moving average. The 50% Fib retracement level of the last drop is near the $ 425 level.

Here are the levels that can and should be watched on Ethereum in the short term.

A successful breakout above the $ 415, $ 420 and $ 425 resistance levels is needed to start a fresh hike. In this case, the bulls are likely to push the price towards the $ 445 and $ 450 resistance levels. If Ethereum cannot move above $ 420 or $ 425, it may continue to move downwards. 

Successful Analyst: Ethereum Will See These Massive Levels By The End Of 2020!
Ethereum

The first support is near the last low of $ 405, according to the analyst. The main support is near the $ 400 level (the last key breakout zone) or $ 398, according to the analyst. If there are more losses below $ 395, the price could start a major downside correction towards $ 380 or even $ 365.

Current outlook of Ethereum price with technical indicators

Hourly MACD: The MACD for ETH / USD is gaining momentum in the bearish zone.

Hourly RSI: The RSI for ETH / USD is currently well below the 40 level.

Major Support Level: $ 400.

Major Resistance Level: $ 425 USD.

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.

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