{"id":440841,"date":"2020-10-04T06:48:39","date_gmt":"2020-10-04T06:48:39","guid":{"rendered":"https:\/\/wncen.com\/?p=440427"},"modified":"2024-06-11T17:46:00","modified_gmt":"2024-06-11T17:46:00","slug":"ethereum-firm-case-for-310","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-firm-case-for-310\/","title":{"rendered":"Ethereum Price Action Suggests A Firm Case For Drop Towards $310"},"content":{"rendered":"
Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355 and it might continue to move down.<\/em><\/p>\n This past week, Ethereum surpassed the $355 and $360 resistance level against the US Dollar. However, ETH price failed to gain bullish momentum above the $370 and $375 resistance levels.<\/p>\n A high was formed near $372 and ether price started a sharp decline. It broke the $355 support level and the 100 simple moving average (4-hours) to move into a negative zone. There was also a break below a major ascending channel with support near $355 on the 4-hours chart of ETH\/USD.<\/p>\n The price tested the $335 support zone, where the bulls took a strong stand. Recently, there was an upside correction above the $340 level. Ether traded above the 23.6% Fib retracement level of the downward move from the $372 high to $335 swing low.<\/p>\n <\/a><\/p>\n On the upside, there are many important hurdles for the bulls starting with $353. It is close to the 50% Fib retracement level of the downward move from the $372 high to $335 swing low.<\/p>\n The main resistance is near the $355 level and the 100 simple moving average (4-hours), above which the price might start a steady upward move towards $370 or even $380 in the coming days.<\/p>\n If Ethereum fails to clear the $355 resistance zone, it might start a fresh decline. An initial support on the downside is near the $340 level.<\/p>\n The first major support is near the $335 level. If ether fails to stay above the $334 support, there is a risk of a sharp decline towards the next major support at $315 or $310. Any further losses could the price towards the $300 support.<\/p>\n Technical Indicators<\/p>\n 4 hours MACD \u2013 The MACD for ETH\/USD is slowly moving into the bullish zone.<\/p>\n 4 hours RSI – The RSI for ETH\/USD is now well below the 50 level.<\/p>\n Major Support Level \u2013 $335<\/p>\n Major Resistance Level \u2013 $355<\/p>\n","protected":false},"excerpt":{"rendered":" Ethereum topped near the $370 resistance and declined sharply against the US Dollar. ETH price is showing bearish signs below $355 and it might continue to move down. ETH price started a fresh decline after it failed to clear $370-$375 against the US Dollar. The price is now trading below the $355 support and the 100 simple moving average (4-hours). There was a break below a major ascending channel with support near $355 on the 4-hours chart of ETH\/USD (data feed via Kraken). The pair could correct higher, but upsides might be capped near $355 or the 100 SMA (H4). Ethereum Price Breaks Key Support This past week, Ethereum surpassed the $355 and $360 resistance level against the US Dollar. However, ETH price failed to gain bullish momentum above the $370 and $375 resistance levels. A high was formed near $372 and ether price started a sharp decline. It broke the $355 support level and the 100 simple moving average (4-hours) to move into a negative zone. There was also a break below a major ascending channel with support near $355 on the 4-hours chart of ETH\/USD. The price tested the $335 support zone, where the bulls took a strong stand. Recently, there was an upside correction above the $340 level. Ether traded above the 23.6% Fib retracement level of the downward move from the $372 high to $335 swing low. Ethereum price settles below $355. Source: TradingView.com On the upside, there are many important hurdles for the bulls starting with $353. It is close to the 50% Fib retracement level of the downward move from the $372 high to $335 swing low. The main resistance is near the $355 level and the 100 simple moving average (4-hours), above which the price might start a steady upward move towards $370 or even $380 in the coming days. More Downsides in Ether (ETH)? If Ethereum fails to clear the $355 resistance zone, it might start a fresh decline. An initial support on the downside is near the $340 level. The first major support is near the $335 level. If ether fails to stay above the $334 support, there is a risk of a sharp decline towards the next major support at $315 or $310. Any further losses could the price towards the $300 support. Technical Indicators 4 hours MACD \u2013 The MACD for ETH\/USD is slowly moving into the bullish zone. 4 hours RSI – The RSI for ETH\/USD is now well below the 50 level. Major Support Level \u2013 $335 Major Resistance Level \u2013 $355<\/p>\n","protected":false},"author":67,"featured_media":440429,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-440841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n\n
Ethereum Price Breaks Key Support<\/h2>\n
Ethereum price settles below $355. Source: TradingView.com<\/a><\/pre>\n
More Downsides in Ether (ETH)?<\/h2>\n