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Ethereum Price Tumbles, Why Recovery Could Be Round The Corner

Started by Bitcoin, Nov 09, 2022, 06:14 am

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Ethereum Price Tumbles, Why Recovery Could Be Round The Corner

Ethereum extended losses below the $1,400 support against the US Dollar. ETH is consolidating and might recover if there is a clear move above $1,340 resistance.



  • Ethereum started a major decline below the $1,400 and $1,350 levels.

  • The price is now trading below $1,400 and the 100 hourly simple moving average.

  • There is a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair is down over 10% and is currently consolidating losses near $1,300.


Ethereum Price Dives Over 10%


Ethereum started a major decline from well above the $1,550 level. ETH broke a major support near the $1,500 level and the 100 hourly simple moving average. The recent decline in FTT and SOL dragged the market lower, including bitcoin.


Ether price declined heavily below the $1,400 support level. The bears were even able to push the price below the $1,350 level. The price traded as low as $1,221 and recently corrected a few higher. There was a move above the $1,250 and $1,300 levels.


The price is now trading below $1,400 and the 100 hourly simple moving average. It is consolidating near the 23.6% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low.


An immediate resistance on the upside is near the $1,320 level. There is also a key bearish trend line forming with resistance near $1,320 on the hourly chart of ETH/USD. The next major resistance is near the $1,340 level. A clear break above the $1,340 resistance could set the pace for a decent increase.


Ethereum Price


Source: ETHUSD on TradingView.com


In the stated case, the price could rise to the $1,400 level. It is near the 50% Fib retracement level of the recent decline from the $1,580 swing high to $1,221 low. Any more gains might send the price toward the $1,500 resistance zone.


More Losses in ETH?


If ethereum fails to climb above the $1,340 resistance, it could continue to move down. An initial support on the downside is near the $1,275 level.


The next major support is near the $1,220 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,100 support zone in the near term.


Technical Indicators


Hourly MACD - The MACD for ETH/USD is now losing momentum in the bearish zone.


Hourly RSIThe RSI for ETH/USD is now below the 50 level.


Major Support Level - $1,275


Major Resistance Level - $1,340


Source: Ethereum Price Tumbles, Why Recovery Could Be Round The Corner