August 5, 2021

TA: Ethereum Tops Near $2,400, Indicators Point Another Bearish Wave

2 min read

Ethereum started a fresh decline after it failed to go beyond $2,400 versus the United States Dollar. ETH rate could decline even more if it stops working to remain above the $2,250 support.

  • Ethereum is slowly moving lower below the $2,300 assistance zone.
  • The cost is now trading listed below the $2,280 assistance and the 100 per hour easy moving average.
  • There was a break below a significant bullish pattern line with assistance near $2,285 on the hourly chart of ETH/USD (information feed via Kraken).
  • The set could continue to move down if it fails to stay above the $2,250 assistance zone.

Ethereum Price Could Decline Further

There was an upside extension in ethereum above the $2,300 level. ETH even broke the $2,350 level and it settled above the 100 hourly easy moving average.

However, the rate dealt with a strong resistance near the $2,400 level. A high was formed near $2,406 and the price started a fresh decline. It broke the $2,320 and $2,300 support levels. There was a break listed below the 50% Fib retracement level of the upward move from the $2,156 swing low to $2,406 high.

There was also a break listed below a major bullish pattern line with support near $2,285 on the per hour chart of ETH/USD. The set is now trading listed below the $2,280 support and the 100 per hour simple moving average.

Ethereum Price

 Source: ETHUSD on TradingView.com An immediate

support is near the $2,250 level. It is near the 61.8% Fib retracement level of the upward relocation from the $2,156 swing low to $2,406 high. If there is a disadvantage break listed below the $2,250 support zone, there is a risk of a sharp decline. The next major support is near the $2,150 level.

Upsides Limited in ETH?

If Ethereum stays above the $2,250 assistance, it could fix higher in the near term. An initial resistance is near the $2,280 level and the 100 per hour easy moving average.

The first essential resistance could be $2,300. The next significant resistance is near the $2,350 level. Any more gains might lead the cost towards the $2,400 level, above which the bulls are likely to intend a larger boost.

Technical Indicators

Per hour MACD— The MACD for ETH/USD is now acquiring rate in the bearish zone.

Per hour RSI— The RSI for ETH/USD is presently below the 50 level.

Significant Support Level –– $2,250

Significant Resistance Level –– $2,350