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Ethereum price drop, why ETH could soon plunge below $1,000

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Ethereum was trading below the $1,150 support level against the US Dollar. ETH is gaining bearish momentum and it could drop below the $1,000 support area.

  • Ethereum remained in a bearish zone below the $1150 and $1120 support levels.
  • The price is now trading below $1,150 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is still at risk of more losses below $1,050 and $1,000 in the near term.

Ethereum price turns red

Ethereum price started another decline from the $1250 resistance level, similar to bitcoin. ETH followed a downward path and settled below the $1,200 pivot level.

The bears picked up speed to move below the $1150 level and the 100 hourly simple moving average. It traded to a new monthly low of $1,078 and is currently consolidating losses. Ether is now trading below $1,150 and Simple moving average per 100 hours.

An immediate resistance is found on the upside near the $1100 level. There is also a major bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fibonacci retracement level of the downward move from the $1232 swing low to the $1078 swing low.

The next major resistance is near the $1150 level or the 100 hourly simple moving average. Also, the 50% Fibonacci retracement level of the downward move from the $1232 swing level to the $1078 swing low is also near $1155.

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source: ETHUSD on TradingView.com

The main resistance is now near $1,200. A clear break above the $1,200 resistance could lead the price towards the $1,250 resistance area. Any further gains could open doors for a test of the $1,300 resistance area.

More losses in ETH?

If Ethereum fails to climb above the $1155 resistance, it could continue to decline. There is initial support on the downside near the $1,080 level.

The next major support is near the $1,000 level, below which the ether price could gain bearish momentum. In the mentioned scenario, the price might decline towards the $920 support area in the near term.

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Technical indicators

MACD hourlyThe MACD for ETH/USD is gaining momentum in the bearish zone.

hourly relative strength indexThe RSI for ETH/USD is now below the 50 level.

The main support level is $1,080

The main resistance level is $1155

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Cryptocurrency

CRO price (Kronos) pumped over 12% why this could be the start of a bigger rally

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CRO price started a fresh increase from the $0.062 support area. The Chronos bulls are now targeting a strong move towards the $0.094 level in the near term.

  • CRO price started a decent increase above the $0.065 resistance against the US Dollar.
  • The price is trading above $0.070 and the 100 simple moving average (4 hours).
  • There was a break above a major descending trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair (data source from Coinbase).
  • The pair could continue rising towards the $0.080 and $0.094 resistance levels.

Chronos CRO Price Eyes Fresh Rally

In the past month, Kronos price found support near the $0.0615 area against the US Dollar. CRO formed a base above the $0.0615 and $0.0620 levels before starting a fresh increase.

There was a clear move above the $0.0650 resistance area and the 100 simple moving average (4 hours) to move into positive territory. Besides, there was a break above a major bearish trend line with resistance at $0.0650 on the 4-hours chart of the CRO/USD pair.

The price is now trading above $0.070 and the 100 simple moving average (4 hours), outperforming bitcoin And the raised. On the upside, an immediate resistance is near the $0.074 level. It is close to the 23.6% Fibonacci retracement level of the main decline from the $0.131 swing high to $0.0568 swing low.

The next major resistance is forming near the $0.080 area. If there is an upside break above the $0.08 resistance, the price could start another strong increase.

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source: CROUSD on TradingView.com

In the mentioned case, the price could steadily rise towards the $0.094 level. It is close to the 50% Fibonacci retracement level of the main drop from the $0.131 swing high to $0.0568 swing low.

Limited dip in CRO?

If CRO price fails to rise above the $0.074 and $0.080 resistance levels, it might start a bearish correction. There is an immediate support on the downside near the $0.07 level.

The main support is near the $0.0650 level and the 100 simple moving average (4 hours). A break-down below $0.065 could open the doors for a fresh decline towards $0.062. The next major support is near the $0.060 level.

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Technical indicators

4-hour MACD – The MACD for CRO/USD is gaining momentum in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for CRO/USD is now overbought.

Key Support Levels – $0.070 and $0.065.

Key Resistance Levels – $0.074, $0.08, and $0.094.

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Bitcoin Analysts Eyeing USD Weakness as BTC Price Struggles Against $17K

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bitcoin (BTCThe bulls tried to reclaim $17,000 in the Dec 4 weekly close as it looks like volatility will return to the market.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bollinger Bands ask for bitcoin price volatility

information from Cointelegraph Markets Pro And the TradingView Show BTC/USD crossed the $17,000 mark – a pivotal point throughout the weekend.

With the macro signs still emerging, Bitcoin looked for catalysts as signs of volatility crept into the lower time frames.

Among those eyeing a potential break with the status quo was famed trader Cheds, who pointed out The Bollinger Bands Volatility Indicator was flashing on the 4-hour chart.

Bollinger Bands signal that volatility is imminent soon, and on the day, the 4-hour chart’s bands are at their narrowest since November 27 – before BTC/USD surged $1,000.

4-hour BTC/USD candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

Meanwhile, fellow crypto trader Tony remained cloaked Bitcoin price theory in the short term.

“There is simply no change over the past few days,” he said Tell Twitter followers.

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“We’re grinding more in the EQ/mid range, but I wouldn’t be surprised to see a fuse up for SFP modulation and dip back.”
Annotated BTC/USD chart. Source: Crypto Tony / Twitter

Previously, Crypto Tony Putting a mark $21,500 as a target should be his target if the bulls are to take control and change direction.

The US dollar index reverses the relief rebound

Meanwhile, the coming week seemed to be increasingly important for the US dollar and, accordingly, for the performance of risky assets.

Related: Bitcoin outflow has reached its highest level in 6 months, in a new threat to the price of bitcoin

already in lowest levels in five monthsThe US Dollar Index (DXY) definitely looked bleak at the end of last week’s trading.

A rebound to 105.6 on Dec 2 almost completely reversed on the day, with DXY ending at 104.5.

For technical analyst Gert van Lagen, it was all part of the plan, with DXY’s bearish signals showing even in November.

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“Continued rapid decline would be normal here.” Wrote In an analysis on November 23 that he returned for the weekend.

US Dollar Index (DXY) candlestick chart. Source: TradingView

“The correction continues,” Stockmoney Lizards trading resource added About DXY performance.

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.