TA: Ethereum Near Inflection Zone, Why ETH Could Tumble Below $570


Ethereum traded to a new yearly high at $636 before correcting lower against the US Dollar. ETH price is showing bearish signs and it could decline heavily if there is a break below $570.

  • Ethereum started a downside correction after trading to a new yearly high at $636.
  • The price is trading below the $600 level and approaching the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower if it fails to stay above $570 and the 100 hourly SMA.

Ethereum Price is Down 4%

There was a decent increase in Ethereum above the $600 and $620 levels. ETH price even broke the previous swing high and traded to a new yearly high at $636. However, the bulls failed to gain strength, resulting in a sharp decline below $620 (similar to bitcoin).

How To Get Free Crypto  

The price broke the $600 support level to move into a short-term bearish zone. The last swing high near $620 before the price declined towards the $575 support. A low is formed near $574 and the price is currently consolidating losses.

Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now!

It traded above the 23.6% Fib retracement level of the recent decline from the $620 high to $574 low. Ether is currently facing a strong resistance near the $590 and $595 levels.

Source: ETHUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from the $620 high to $574 low sits at $597. A clear break above the trend line resistance and then $597 could start a decent increase.

The next key resistance is near the $600 level. A successful close above the $600 level could lead the price towards the $620 resistance in the near term.

Coinbase Banner  

Downside Break in ETH?

If ethereum fails to clear the trend line resistance and $597, there is a risk of more downsides. An initial support is near the $575 level and the recent swing low.

The main support is forming near the $570 level and the 100 hourly simple moving average. A proper close below the $570 level and the 100 hourly SMA could spark a sharp decline towards the $550 and $530 levels.

Technical Indicators

Hourly MACD The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSI The RSI for ETH/USD is currently well below the 50 level.

Major Support Level – $570

Major Resistance Level – $600

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.