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January 17, 2022
Analysis

Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level

Ethereum declined closely beneath the $3,250 help in opposition to the US Dollar. ETH price examined $3,000 earlier than it tried an upside correction.

  • Ethereum began one other decline and traded beneath the $3,150 help zone.
  • The price is buying and selling beneath $3,250 and the 100 hourly easy shifting common.
  • There was a break above a key bearish development line with resistance close to $3,100 on the hourly chart of ETH/USD (knowledge feed through Kraken).
  • The pair may begin a main restoration wave if there may be a clear transfer above $3,300.

Ethereum Price Remains At Risk

Ethereum did not clear the $3,350 resistance stage and began one other main decline. ETH declined beneath the $3,250 and $3,120 help ranges to maneuver additional into a bearish zone.

The price spiked in direction of $3,000 and traded as little as $3,006. Recently, there was a minor upside correction above the $3,120 and $3,150 ranges. Besides, there was a break above a key bearish development line with resistance close to $3,100 on the hourly chart of ETH/USD.

Ether price even climbed above $3,200, however there was no upside continuation. Ether price began a recent decline and traded beneath $3,200.

The price declined beneath the 23.6% Fib retracement stage of the upward transfer from the $3,006 swing low to $3,209 excessive. On the upside, a right away resistance is close to the $3,200 stage. The subsequent main resistance is close to the $3,250 stage and the 100 hourly easy shifting common.

Ethereum Price

Source: ETHUSD on TradingView.com

The essential resistance is close to the $3,000 stage. A transparent upside break above the $3,300 stage may spark a first rate restoration wave. The subsequent key resistance is close to the $3,450 stage.

More Losses in ETH?

If ethereum fails to begin a recent enhance above the $3,250 stage, it may proceed to maneuver down. An preliminary help on the draw back is close to the $3,120 stage.

The first key help is now forming close to the $3,100 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $3,006 swing low to $3,209 excessive. A draw back break beneath the $3,100 stage may lead the price in direction of the important thing $3,000 help within the close to time period.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now shifting into the bearish zone.

Hourly RSIThe RSI for ETH/USD is above the 50 stage.

Major Support Level – $3,100

Major Resistance Level – $3,300

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