{"id":419406,"date":"2020-03-29T04:18:36","date_gmt":"2020-03-29T04:18:36","guid":{"rendered":"https:\/\/wncen.com\/?p=419406"},"modified":"2024-06-11T13:46:54","modified_gmt":"2024-06-11T13:46:54","slug":"ethereum-downtrend-but-this-variable-can-trigger-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-downtrend-but-this-variable-can-trigger-rally\/","title":{"rendered":"Ethereum Is In Downtrend But This Variable Can Trigger A New Rally"},"content":{"rendered":"<p><em>Ethereum failed to clear the $142 resistance and started a fresh decline against the US Dollar, similar to <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\" target=\"_blank\" rel=\"noopener noreferrer \">bitcoin<\/a>. ETH price could soon test the main $120 support area, where the bulls might emerge.<\/em><\/p>\n<ul>\n<li>ETH price is currently trading in a bearish zone below the $135 level against the US Dollar.<\/li>\n<li>There are many hurdles on the upside, starting with $135 and up to $144.<\/li>\n<li>There is a major bearish trend line forming with resistance near $135 on the 4-hours chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair remains in a downtrend as long as it is below $145 and the 100 simple moving average (4-hours).<\/li>\n<\/ul>\n<h2>Ethereum Price Could Extend its Decline<\/h2>\n<p>In the past few days, Ethereum made more than two attempts to gain strength above <a href=\"https:\/\/wncen.com\/2020\/03\/27\/ethereum-is-primed-for-a-rally-and-only-1-thing-is-holding-it-back\/\" target=\"_blank\" rel=\"noopener noreferrer \">the $140 resistance<\/a> against the US Dollar. However, ETH price failed to settle above the $140 level and the 100 simple moving average (4-hours).<\/p>\n<p>As a result, a fresh decline initiated below the $136 and $135 support levels. There was a break below the 23.6% Fib retracement level of the upward move from the $108 swing low to $144 swing high.<\/p>\n<p>Ethereum price even broke the $130 support area to move into a bearish zone. It is now trading near the 50% Fib retracement level of the upward move from the $108 swing low to $144 swing high.<\/p>\n<p>On the upside, there is a major bearish trend line forming with resistance near $135 on the 4-hours <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a> of ETH\/USD. If the price fails to stay above the $125 support area, it is likely to extend its decline.<\/p>\n<figure id=\"attachment_419407\" aria-describedby=\"caption-attachment-419407\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-419407\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?resize=1828%2C868\" alt=\"Ethereum Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=130 130w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=104 104w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=83 83w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/Ethereum-27.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-419407\" class=\"wp-caption-text\">Ethereum Price<\/figcaption><\/figure>\n<p>The next key support is near the $120 level, where the bulls are likely to take a stand. Any further losses may perhaps open the doors for a larger decline towards the $105 and $100 support levels in the coming days.<\/p>\n<h2>Fresh Increase?<\/h2>\n<p>If Ethereum price stays above the $120 support, it could bounce back and start a fresh increase. A clear break above the trend line and the $135 resistance might start an upward move.<\/p>\n<p>The main resistance is still near the $144 level and the 100 simple moving average (4-hours). A successful close above the $144 resistance is needed for a strong rally towards the $155 and $160 levels.<\/p>\n<p>Technical Indicators<\/p>\n<p>4 hours MACD \u2013 The MACD for ETH\/USD is slowly losing momentum in the bearish zone.<\/p>\n<p>4 hours RSI &#8211; The RSI for ETH\/USD is now well below the 50 level.<\/p>\n<p>Major Support Level \u2013 $120<\/p>\n<p>Major Resistance Level \u2013 $144<\/p>\n<p><a href=\"https:\/\/www.plus500.com\/?id=121277&amp;pl=2\" rel=\"nofollow\">Take advantage of the trading opportunities with Plus500<\/a><\/p>\n<p>Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum failed to clear the $142 resistance and started a fresh decline against the US Dollar, similar to bitcoin. ETH price could soon test the main $120 support area, where the bulls might emerge. ETH price is currently trading in a bearish zone below the $135 level against the US Dollar. There are many hurdles on the upside, starting with $135 and up to $144. There is a major bearish trend line forming with resistance near $135 on the 4-hours chart of ETH\/USD (data feed via Kraken). The pair remains in a downtrend as long as it is below $145 and the 100 simple moving average (4-hours). Ethereum Price Could Extend its Decline In the past few days, Ethereum made more than two attempts to gain strength above the $140 resistance against the US Dollar. However, ETH price failed to settle above the $140 level and the 100 simple moving average (4-hours). As a result, a fresh decline initiated below the $136 and $135 support levels. There was a break below the 23.6% Fib retracement level of the upward move from the $108 swing low to $144 swing high. Ethereum price even broke the $130 support area to move into a bearish zone. It is now trading near the 50% Fib retracement level of the upward move from the $108 swing low to $144 swing high. On the upside, there is a major bearish trend line forming with resistance near $135 on the 4-hours chart of ETH\/USD. If the price fails to stay above the $125 support area, it is likely to extend its decline. The next key support is near the $120 level, where the bulls are likely to take a stand. Any further losses may perhaps open the doors for a larger decline towards the $105 and $100 support levels in the coming days. Fresh Increase? If Ethereum price stays above the $120 support, it could bounce back and start a fresh increase. A clear break above the trend line and the $135 resistance might start an upward move. The main resistance is still near the $144 level and the 100 simple moving average (4-hours). A successful close above the $144 resistance is needed for a strong rally towards the $155 and $160 levels. Technical Indicators 4 hours MACD \u2013 The MACD for ETH\/USD is slowly losing momentum in the bearish zone. 4 hours RSI &#8211; The RSI for ETH\/USD is now well below the 50 level. Major Support Level \u2013 $120 Major Resistance Level \u2013 $144 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.<\/p>\n","protected":false},"author":67,"featured_media":419408,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625,4],"tags":[8323,1946,8686],"class_list":["post-419406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","category-analysis","tag-eth","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\n<title>Ethereum Is In Downtrend But This Variable Can Trigger A New Rally<\/title>\n<meta name=\"description\" content=\"Ethereum failed to clear the $142 resistance and started a fresh decline, similar to bitcoin. 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