ETHEREUM PRINTS BEARISH TECHNICAL PATTERN‚ WHY IT COULD REVISIT $2‚200

Updated: 01/27/2022 04:46
Hyip Monitor
ethereum prints bearish technical pattern why it could revisit 2200
Ethereum failed to surpass $2725 and started a fresh decline against the US Dollar ETH price could continue to move down if there is no move above $2500 .
Sponsored Links

Ethereum failed to surpass $2,725 and started a fresh decline against the US Dollar. ETH price could continue to move down if there is no move above $2,500.

Ethereum failed to clear the $2,700 and $2,725 resistance levels.
The price is trading below $2,500 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if there is a clear move above the $2,500 resistance zone.

Ethereum Price Tops Near $2,700


Ethereum started a decent recovery wave above the $2,500 and $2,550 resistance levels. ETH even cleared the $2,600 level and the 100 hourly simple moving average.

However, ether price failed to gain strength above the $2,700 level. A high was formed near $2,729 and the price started a fresh decline. There was a break below the $2,600 and $2,500 support levels. Besides, there was a break below a key bullish trend line with support near $2,500 on the hourly chart of ETH/USD.

The pair traded below the 50% Fib retracement level of the upward move from the $2,171 swing low to $2,729 high. Ether is now trading below $2,500 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $2,450 level. The first major resistance is near the $2,500 level. A clear move above the $2,500 resistance might start a steady increase. In the stated case, the pair could rise towards the $2,650 level.

If there is an upside break above $2,650 resistance, zone, the price could even attempt a move above the $2,700 zone. The next major resistance is near the $2,850 level.

More Losses in ETH?


If ethereum fails to start a fresh increase above the $2,500 level, it could start a fresh decline. An initial support on the downside is near the $2,340 level.

The first key support is now forming near the $2,300 level. It is near the 76.4% Fib retracement level of the upward move from the $2,171 swing low to $2,729 high. The next major support for the bulls may perhaps be near the $2,200 zone.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $2,300
Major Resistance Level – $2,550


About the author

Eric Marriam is a young writer. Even though he is not experienced he is able to make really high quality work. Eric is able to identify a problem people have and break it down, able to appeal to emotion through emotive writing, can change style of writing to cater to different audience. Eric Marriam is able to work creatively and effectively with staff and managers and despite his young age, he proved to be a clear and effective writer and speaker, committed to maintaining quality and efficiency, seeking for professional growth and development.
You May Also Like