{"id":469518,"date":"2021-08-18T05:08:18","date_gmt":"2021-08-18T05:08:18","guid":{"rendered":"https:\/\/wncen.com\/?p=469518"},"modified":"2024-06-11T07:14:54","modified_gmt":"2024-06-11T07:14:54","slug":"ethereum-larger-degree-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-larger-degree-correction\/","title":{"rendered":"TA: Why Ethereum (ETH) Below $3K Could Spark Larger Degree Correction"},"content":{"rendered":"<p><em>Ethereum extended its decline below the $3,120 support against the US Dollar. ETH price even spiked below $3,000 and it remains at a risk of more downsides.<\/em><\/p>\n<ul>\n<li>Ethereum started a major decline below the $3,200 and $3,120 support levels.<\/li>\n<li>The price is now trading below $3,100 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a key contracting triangle with support near $3,150 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could continue to move down if there is a close below the $3,000 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Extends Losses<\/h2>\n<p>Ethereum failed to stay above the $3,120 support and extended its decline, similar to <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-could-revisit-40k\/\" target=\"_blank\" rel=\"noopener \">bitcoin<\/a>. ETH price broke the $3,050 support zone and the 100 hourly simple moving average to move further into a bearish zone.<\/p>\n<p>There was also a break below a key contracting triangle with support near $3,150 on the hourly chart of ETH\/USD. The pair even spiked below the $3,000 level and traded as low as $2,950. It is now <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-faces-rejection-3k\/\" target=\"_blank\" rel=\"noopener \">correcting losses<\/a> and trading above the $3,000 level.<\/p>\n<p>There was a break above the 23.6% Fib retracement level of the recent decline from the $3,282 swing high to $2,950 low. On the upside, an initial resistance is near the $3,075 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-469519\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png?resize=1828%2C867\" alt=\"Ethereum Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Ethereum-11.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSD on TradingView.com<\/a><\/pre>\n<p>The first key resistance is now forming near the $3,120 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent decline from the $3,282 swing high to $2,950 low. A clear break and close above the $3,100 and $3,120 resistance levels might start a fresh increase. The next key resistance might be near the $3,200 level, above which the price might revisit $3,330.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If ethereum fails to continue higher above the $3,100 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,000 level.<\/p>\n<p>The first key support is near the $2,950 level. A downside break below the $2,950 support zone might start a major decline in the near term. The next major support could be $2,875, below which ether may possibly move lower towards the $2,600 support zone.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is slowly losing pace in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $3,000<\/p>\n<p>Major Resistance Level \u2013 $3,120<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum extended its decline below the $3,120 support against the US Dollar. ETH price even spiked below $3,000 and it remains at a risk of more downsides. Ethereum started a major decline below the $3,200 and $3,120 support levels. The price is now trading below $3,100 and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $3,150 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could continue to move down if there is a close below the $3,000 support. Ethereum Price Extends Losses Ethereum failed to stay above the $3,120 support and extended its decline, similar to bitcoin. ETH price broke the $3,050 support zone and the 100 hourly simple moving average to move further into a bearish zone. There was also a break below a key contracting triangle with support near $3,150 on the hourly chart of ETH\/USD. The pair even spiked below the $3,000 level and traded as low as $2,950. It is now correcting losses and trading above the $3,000 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $3,282 swing high to $2,950 low. On the upside, an initial resistance is near the $3,075 level. Source: ETHUSD on TradingView.com The first key resistance is now forming near the $3,120 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent decline from the $3,282 swing high to $2,950 low. A clear break and close above the $3,100 and $3,120 resistance levels might start a fresh increase. The next key resistance might be near the $3,200 level, above which the price might revisit $3,330. More Losses in ETH? If ethereum fails to continue higher above the $3,100 and $3,120 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,000 level. The first key support is near the $2,950 level. A downside break below the $2,950 support zone might start a major decline in the near term. The next major support could be $2,875, below which ether may possibly move lower towards the $2,600 support zone. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly losing pace in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $3,000 Major Resistance Level \u2013 $3,120<\/p>\n","protected":false},"author":67,"featured_media":461576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1946,8686,78803],"class_list":["post-469518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>TA: Why Ethereum (ETH) Below $3K Could Spark Larger Degree Correction<\/title>\n<meta name=\"description\" content=\"Ethereum extended its decline below the $3,120 support against the US Dollar. 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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. 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.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Why Ethereum (ETH) Below $3K Could Spark Larger Degree Correction","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-larger-degree-correction\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-larger-degree-correction\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_481530088.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_481530088.jpg?fit=1000%2C683"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ethereum","ethusd","ethusdt"],"dateCreated":"2021-08-18T05:08:18Z","datePublished":"2021-08-18T05:08:18Z","dateModified":"2024-06-11T07:14:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Why Ethereum (ETH) Below $3K Could Spark Larger Degree Correction\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-larger-degree-correction\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-larger-degree-correction\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_481530088.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_481530088.jpg?fit=1000%2C683\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2021-08-18T05:08:18Z\",\"datePublished\":\"2021-08-18T05:08:18Z\",\"dateModified\":\"2024-06-11T07:14:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/shutterstock_481530088.jpg?fit=1000%2C683","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469518"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=469518"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/461576"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=469518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=469518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=469518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}