{"id":478810,"date":"2021-12-14T05:58:53","date_gmt":"2021-12-14T05:58:53","guid":{"rendered":"https:\/\/wncen.com\/?p=478810"},"modified":"2024-06-11T11:53:22","modified_gmt":"2024-06-11T11:53:22","slug":"ta-ethereum-breaks-key-support-why-bulls-could-still-step-in","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ta-ethereum-breaks-key-support-why-bulls-could-still-step-in\/","title":{"rendered":"TA: Ethereum Breaks Key Support, Why Bulls Could Still Step In"},"content":{"rendered":"<p><em>Ethereum extended decline below the $3.850 support zone against the US Dollar. ETH price is consolidating and trading above the $3,700 support zone.<\/em><\/p>\n<ul>\n<li>Ethereum extended decline below the $3,850 and $3,800 support levels.<\/li>\n<li>The price is now trading below $4,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a key bearish trend line forming with resistance near $3,800 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a fresh increase if it clears the $3,850 resistance zone and the 100 hourly SMA.<\/li>\n<\/ul>\n<h2>Ethereum Price Tumbles<\/h2>\n<p>Ethereum struggled to gain pace above the $4,000 and $4,050 levels. ETH started a fresh decline and traded below the $3,850 support zone.<\/p>\n<p>There was a close below $4,000 and the <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-plunges-to-4k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. The price even declined below the $3,700 support and traded as low as $3,665. It is now consolidating losses above the $3,700 level. An initial resistance is near the $3,800 level.<\/p>\n<p>It is near the 23.6% Fib retracement level of the recent decline from the $4,176 swing high to $3,665 low. There is also a key bearish trend line forming with resistance near $3,800 on the hourly chart of ETH\/USD.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-478811\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png?resize=1834%2C848\" alt=\"Ethereum Price\" width=\"1834\" height=\"848\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Ethereum-9.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>The next major resistance is near the $3,920 level. It is close to the 50% Fib retracement level of the recent decline from the $4,176 swing high to $3,665 low. A close above the $3,920 level could stage a <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-lacking-momentum-4250\/\" target=\"_blank\" rel=\"noopener \">steady increase<\/a> in the near term. In the stated case, the price might even surpass the $4,000 resistance in the near term. The next major resistance is near the $4,150 level.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If ethereum fails to start a fresh increase above the $3,920 level, it could extend its decline. An initial support on the downside is near the $3,700 level.<\/p>\n<p>The key support is now forming near the $3,660 level. If there is a clear break below the $3,660 support, the price could extend losses. The next major breakdown support is $3,550, below which the price could decline towards $3,200.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is below the 50 level.<\/p>\n<p>Major Support Level \u2013 $3,660<\/p>\n<p>Major Resistance Level \u2013 $3,920<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum extended decline below the $3.850 support zone against the US Dollar. ETH price is consolidating and trading above the $3,700 support zone. Ethereum extended decline below the $3,850 and $3,800 support levels. The price is now trading below $4,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $3,800 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $3,850 resistance zone and the 100 hourly SMA. Ethereum Price Tumbles Ethereum struggled to gain pace above the $4,000 and $4,050 levels. ETH started a fresh decline and traded below the $3,850 support zone. There was a close below $4,000 and the 100 hourly simple moving average. The price even declined below the $3,700 support and traded as low as $3,665. It is now consolidating losses above the $3,700 level. An initial resistance is near the $3,800 level. It is near the 23.6% Fib retracement level of the recent decline from the $4,176 swing high to $3,665 low. There is also a key bearish trend line forming with resistance near $3,800 on the hourly chart of ETH\/USD. The next major resistance is near the $3,920 level. It is close to the 50% Fib retracement level of the recent decline from the $4,176 swing high to $3,665 low. A close above the $3,920 level could stage a steady increase in the near term. In the stated case, the price might even surpass the $4,000 resistance in the near term. The next major resistance is near the $4,150 level. More Losses in ETH? If ethereum fails to start a fresh increase above the $3,920 level, it could extend its decline. An initial support on the downside is near the $3,700 level. The key support is now forming near the $3,660 level. If there is a clear break below the $3,660 support, the price could extend losses. The next major breakdown support is $3,550, below which the price could decline towards $3,200. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is gaining pace in the bearish zone. Hourly RSI &#8211; The RSI for ETH\/USD is below the 50 level. Major Support Level \u2013 $3,660 Major Resistance Level \u2013 $3,920<\/p>\n","protected":false},"author":67,"featured_media":464009,"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-478810","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: Ethereum Breaks Key Support, Why Bulls Could Still Step In<\/title>\n<meta name=\"description\" content=\"Ethereum extended decline below the $3.850 support zone against the US Dollar. 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