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{"id":445814,"date":"2020-10-08T05:48:38","date_gmt":"2020-10-08T05:48:38","guid":{"rendered":"https:\/\/wncen.com\/?p=445814"},"modified":"2024-06-11T14:06:50","modified_gmt":"2024-06-11T14:06:50","slug":"ta-ethereum-consolidates-below-350","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ta-ethereum-consolidates-below-350\/","title":{"rendered":"TA: Ethereum Consolidates Below $350: What Could Trigger A Sharp Decline?"},"content":{"rendered":"

Ethereum is currently consolidating losses below the $350 pivot against the US Dollar. ETH price remains at a risk of a sharp decline unless it surges past $345 and $350.<\/em><\/p>\n

\n
Ethereum traded as low as $333 and it is currently consolidating losses.<\/li>\n
The price is facing a major resistance near $345 and the 100 hourly simple moving average.<\/li>\n
There is a short-term rising channel forming with support near $336 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n
The pair could nosedive if it continues to struggle below the $345 and $350 resistance levels.<\/li>\n<\/ul>\n
Ethereum Price Remains At Risk<\/h2>\n
Ethereum started a fresh decline<\/a> after it failed to clear the $355 resistance zone. ETH broke many key supports near $350 and it even settled well below the 100 hourly simple moving average.<\/p>\n
A new weekly low is formed near $333 and the price is currently consolidating losses. Ether corrected a few points above the $335 and $340 levels. There was also a break above the 23.6% Fib retracement level of the key decline from the $355 high to $333 low.<\/p>\n
However, the price is facing a major resistance near the $344 and $355 levels. The 50% Fib retracement level of the key decline from the $355 high to $333 low is near the $344 level to act as a hurdle.<\/p>\n
$\"Ethereum\"$ <\/a><\/p>\n
Ethereum price settles below $345. Source: TradingView.com<\/a><\/pre>\n
It seems like there is a short-term rising channel forming with support near $336 on the hourly chart of ETH\/USD. The channel resistance is close to the $344 resistance. There is also a connecting bearish trend line forming with resistance near $345 and the 100 hourly simple moving average.<\/p>\n
If there is no upside break above the $344 and $345 resistance levels, there is a risk of a downside break. An initial support is near the channel trend line at $336. The first major support is near the $335 zone.<\/p>\n
A successful daily close below the $335 support and then a break below $330 could initiate a larger decline. The next major support is near the $320 level, below which it could retest $308.<\/p>\n
Upside Break in ETH?<\/h2>\n
If Ethereum manages to clear the $344 and $345 resistance levels, it could start a steady recovery wave. The next major resistance is near the $350 level.<\/p>\n
The main weekly resistance is still near the $355 level<\/a>, above which the price is likely to start a sustained upward move towards the $370 and $380 levels.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly moving into the bearish zone.<\/p>\n
Hourly RSI – <\/strong>The RSI for ETH\/USD is currently declining and it might soon test the 40 level.<\/p>\n
Major Support Level \u2013 $335<\/p>\n
Major Resistance Level \u2013 $345<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum is currently consolidating losses below the $350 pivot against the US Dollar. ETH price remains at a risk of a sharp decline unless it surges past $345 and $350. Ethereum traded as low as $333 and it is currently consolidating losses. The price is facing a major resistance near $345 and the 100 hourly simple moving average. There is a short-term rising channel forming with support near $336 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could nosedive if it continues to struggle below the $345 and $350 resistance levels. Ethereum Price Remains At Risk Ethereum started a fresh decline after it failed to clear the $355 resistance zone. ETH broke many key supports near $350 and it even settled well below the 100 hourly simple moving average. A new weekly low is formed near $333 and the price is currently consolidating losses. Ether corrected a few points above the $335 and $340 levels. There was also a break above the 23.6% Fib retracement level of the key decline from the $355 high to $333 low. However, the price is facing a major resistance near the $344 and $355 levels. The 50% Fib retracement level of the key decline from the $355 high to $333 low is near the $344 level to act as a hurdle. Ethereum price settles below $345. Source: TradingView.com It seems like there is a short-term rising channel forming with support near $336 on the hourly chart of ETH\/USD. The channel resistance is close to the $344 resistance. There is also a connecting bearish trend line forming with resistance near $345 and the 100 hourly simple moving average. If there is no upside break above the $344 and $345 resistance levels, there is a risk of a downside break. An initial support is near the channel trend line at $336. The first major support is near the $335 zone. A successful daily close below the $335 support and then a break below $330 could initiate a larger decline. The next major support is near the $320 level, below which it could retest $308. Upside Break in ETH? If Ethereum manages to clear the $344 and $345 resistance levels, it could start a steady recovery wave. The next major resistance is near the $350 level. The main weekly resistance is still near the $355 level, above which the price is likely to start a sustained upward move towards the $370 and $380 levels. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is slowly moving into the bearish zone. Hourly RSI – The RSI for ETH\/USD is currently declining and it might soon test the 40 level. Major Support Level \u2013 $335 Major Resistance Level \u2013 $345<\/p>\n","protected":false},"author":67,"featured_media":445816,"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-445814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nTA: Ethereum Consolidates Below $350: What Could Trigger A Sharp Decline?<\/title>\n<meta name=\"description\" content=\"Ethereum is currently consolidating losses below $350. 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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. 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Upside Break in ETH?<\/h2>\nIf Ethereum manages to clear the $344 and $345 resistance levels, it could start a steady recovery wave. The next major resistance is near the $350 level.<\/p>\n