TA: Ethereum (ETH) Turns Red, What Could Trigger Additional Losses

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,212,181,779,854	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,212,181,779,854

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-2,191.96	-3.43%	61,643.35	61,645.68	61,648.48

Price Change

Price Change %

Current Price

Bid Price

Offer

-2,191.96

-3.43%

61,643.35

61,645.68

61,648.48

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,727.81	61,434.68	63,780.29	63,837.62	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,727.81

61,434.68

63,780.29

63,837.62

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:33:33	0.324427	61,645.68	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:33:33

0.324427

61,645.68

USD

Price x Volume	Volume	Base Symbol	Related Pairs
391,946,684.77	6,219.43	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

391,946,684.77

6,219.43

TA: Ethereum (ETH) Turns Red, What Could Trigger Additional Losses

04/08/2021 6:08am

NEWSBTC

Ethereum failed to recover above the $2,500 resistance against the US Dollar. ETH price could accelerate its decline if it fails to stay above the $2,440 support. Ethereum traded below the $2,550 and $2,500 support levels. The price is now trading just below $2,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to continue lower below the $2,440 support zone in the near term. Ethereum Price Could Extend Losses Ethereum started a fresh decline from well above $2,600. ETH price broke the key $2,550 support level, similar to bitcoin near $40,000. The price even broke the $2,500 support level to enter a short-term bearish zone. The price is now trading just below $2,500 and the 100 hourly simple moving average. The recent low was formed near $2,444 before the price attempted a minor upside correction. There was a break above the $2,500 level. Ether recovered above the 23.6% Fib retracement level of the recent decline from the $2,668 swing low to $2,444 low. However, the bears were active near the $2,550 resistance zone. The next key resistance is near the $2,555 level. It is close to the 50% Fib retracement level of the recent decline from the $2,668 swing low to $2,444 low. There is also a key bearish trend line forming with resistance near $2,580 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com A clear break and close above the $2,550 and $2,580 resistance levels might start a decent increase. In the stated case, the price could revisit the $2,700 level. More Losses in ETH? If ethereum fails to recover above the $2,550 and $2,580 resistance levels, it could extend its decline. An immediate support on the downside is near the $2,465 level. The next major support is near the $2,440 level. A clear downside break below the $2,440 support level might accelerate losses. In the stated case, the price could easily test $2,400. The next major support could be near the $2,330 level, where the bulls might take a stand. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,440 Major Resistance Level – $2,550

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