June 22, 2021

TA: Ethereum Resumes Decline, Here’s How The Bears Could Take Control

2 min read

Ethereum failed to recuperate above the $2,300 resistance zone against the United States Dollar. ETH price is moving lower and it is most likely to accelerate lower listed below the $2,000 support.

  • Ethereum failed to move above the $2,300 zone and began a fresh decrease.
  • The cost is now trading well listed below $2,200 and the 100 per hour simple moving average.
  • There is a major bearish trend line forming with resistance near $2,180 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to break the $2,000 assistance and continue lower in the near term.

Ethereum Price Is Declining

Ethereum began a short-term recovery wave above the $2,100 level. ETH broke the $2,200 resistance level, however the bulls struggled to gain strength, similar to bitcoin.

It faced a strong selling interest near the $2,280 and $2,300 levels. A high was formed near $2,281 prior to the cost started a fresh decrease. It broke the 50% Fib retracement level of the upward relocation from the $1,953 swing low to $2,281 high.

It is now trading well listed below $2,200 and the 100 per hour easy moving average. There is also a significant bearish trend line forming with resistance near $2,180 on the per hour chart of ETH/USD.

Ethereum Price

 Source: ETHUSD on TradingView.com An instant

support is near the $2,040 level. It is near the 76.4% Fib retracement level of the upward relocation from the $1,953 swing low to $2,281 high. A disadvantage break below the $2,040 level may potentially unlock for more losses. The next significant assistance is near the $2,000 level, listed below which the cost might dive towards the $1,920 and $1,900 levels.

Upsides Limited in ETH?

If Ethereum stays above the $2,040 and $2,000 support levels, it could begin a fresh boost. A preliminary resistance on the advantage is near the $2,150 level.

The very first significant resistance is now forming near the pattern line and $2,160. A clear break above the trend line resistance might lead the cost towards the primary $2,280 resistance and the 100 per hour easy moving average. Ether should settle above $2,280 and $2,300 to return into a positive zone in the coming days.

Technical Indicators

Hourly MACD— The MACD for ETH/USD is slowly getting momentum in the bearish zone.

Per hour RSI— The RSI for ETH/USD is now well listed below the 50 level.

Significant Support Level –– $2,040

Major Resistance Level –– $2,160