{"id":469615,"date":"2021-08-19T05:08:39","date_gmt":"2021-08-19T05:08:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=469615"},"modified":"2024-06-11T13:57:50","modified_gmt":"2024-06-11T13:57:50","slug":"ethereum-prints-bearish-pattern-3k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-prints-bearish-pattern-3k\/","title":{"rendered":"TA: Ethereum Prints Bearish Technical Pattern, Why It Could Nosedive"},"content":{"rendered":"
Ethereum failed to recover above the $3,120 pivot zone against the US Dollar. ETH price is declining and it could extend its losses below $2,950.<\/em><\/p>\n Ethereum started an upside correction from the $2,950 low, similar to bitcoin<\/a>. ETH price surpassed the $3,000 and $3,050 resistance levels.<\/p>\n There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone<\/a>).<\/p>\n The price also remained well below $3,150 and the 100 hourly simple moving average. It seems like ether was rejected near the 50% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low.<\/p>\n There is also a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH\/USD. It is now moving lower and trading below the $3,000 support. On the upside, an initial resistance is near the $3,025 level.<\/p>\n <\/a><\/p>\n The first key resistance is now forming near the $3,080 level. The main resistance is still near the $3,120 level. A clear break and close above the $3,120 zone might start a fresh increase. In the stated scenario, the price might recover towards the $3,200 resistance.<\/p>\n If ethereum fails to continue higher above the $3,080 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,950 level.<\/p>\n A downside break below the $2,950 support zone could spark a sharp decline in the near term. The next major support could be $2,880, below which the bears might aim a test of the $2,600 support zone.<\/p>\n Technical Indicators<\/p>\n Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining pace in the bearish zone.<\/p>\n Hourly RSI – <\/strong>The RSI for ETH\/USD is now below the 40 level.<\/p>\n Major Support Level \u2013 $2,950<\/p>\n Major Resistance Level \u2013 $3,120<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum failed to recover above the $3,120 pivot zone against the US Dollar. ETH price is declining and it could extend its losses below $2,950. Ethereum struggled to recover above the $3,120 and $3,125 resistance levels. The price is now trading below $3,080 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could accelerate lower if there is a close below the $2,950 low. Ethereum Price Remains At Risk Ethereum started an upside correction from the $2,950 low, similar to bitcoin. ETH price surpassed the $3,000 and $3,050 resistance levels. There was a break above the 23.6% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. Ether even spiked above the $3,100 level, but there was no upside continuation above the $3,120 resistance level (the last key breakdown zone). The price also remained well below $3,150 and the 100 hourly simple moving average. It seems like ether was rejected near the 50% Fib retracement level of the key drop from the $3,280 swing high to $2,950 low. There is also a major bearish trend line forming with resistance near $3,150 on the hourly chart of ETH\/USD. It is now moving lower and trading below the $3,000 support. On the upside, an initial resistance is near the $3,025 level. Source: ETHUSD on TradingView.com The first key resistance is now forming near the $3,080 level. The main resistance is still near the $3,120 level. A clear break and close above the $3,120 zone might start a fresh increase. In the stated scenario, the price might recover towards the $3,200 resistance. More Losses in ETH? If ethereum fails to continue higher above the $3,080 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,950 level. A downside break below the $2,950 support zone could spark a sharp decline in the near term. The next major support could be $2,880, below which the bears might aim a test of the $2,600 support zone. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is now gaining pace in the bearish zone. Hourly RSI – The RSI for ETH\/USD is now below the 40 level. Major Support Level \u2013 $2,950 Major Resistance Level \u2013 $3,120<\/p>\n","protected":false},"author":67,"featured_media":457605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1946,8686,78803],"class_list":["post-469615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n\n
Ethereum Price Remains At Risk<\/h2>\n
Source: ETHUSD on TradingView.com<\/a><\/pre>\n
More Losses in ETH?<\/h2>\n