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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Price Undergoes Technical Correction: Can ETH Resume Higher?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum Price Undergoes Technical Correction

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Ethereum price started a downside correction from the $3,520 zone. ETH is stable above $3,420 and might attempt another increase in the near term.

  • Ethereum started a downside correction after it failed to surpass the $3,520 zone.
  • The price is trading above $3,420 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance near $3,470 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $3,470 and $3,520 resistance levels to continue higher.

Ethereum Price Corrects Lower

Ethereum price started a decent upward move above the $3,420 level. ETH even cleared the $3,450 level to move into a short-term positive zone like Bitcoin.

The price even cleared the $3,500 resistance zone. A high was formed at $3,516 and the price recently started a downside correction. There was a move below the $3,480 and $3,470 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high.

However, the bulls seem to be active near the $3,420 support zone. They are protecting the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high.

Ethereum is trading above $3,420 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,470 level. There is also a connecting bearish trend line forming with resistance near $3,470 on the hourly chart of ETH/USD.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above the $3,520 level might send Ether toward the $3,550 resistance. The next key resistance is near $3,650. An upside break above the $3,650 resistance might send the price higher. Any more gains could send Ether toward the $3,720 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $3,470 resistance, it could continue to move down. Initial support on the downside is near $3,435. The first major support sits near the $3,420 zone.

A clear move below the $3,420 support might push the price toward $3,350. Any more losses might send the price toward the $3,320 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,420

Major Resistance Level – $3,470

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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