TA: Ethereum Turns Red, Why ETH’s Recovery Could Be Limited

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,191,521,378,709	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,191,521,378,709

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-81.36	-0.13%	60,713.66	60,713.65	60,713.66

Price Change

Price Change %

Current Price

Bid Price

Offer

-81.36

-0.13%

60,713.66

60,713.65

60,713.66

High Price	Low Price	Open Price	Prev. Close	52 Week Range
61,075.00	60,450.13	60,814.82	60,795.02	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

61,075.00

60,450.13

60,814.82

60,795.02

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:05:59	0.000147	60,713.66	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:05:59

0.000147

60,713.66

USD

Price x Volume	Volume	Base Symbol	Related Pairs
87,793,338.94	1,443.79	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

87,793,338.94

1,443.79

TA: Ethereum Turns Red, Why ETH’s Recovery Could Be Limited

28/10/2021 6:38am

NEWSBTC

Ethereum is following a bearish path below $4,100 against the US Dollar. ETH could recover, but upsides might be capped near $4,050 and $4,110. Ethereum extended its decline below the $4,100 and $4,000 support levels. The price is now trading below $4,100 and the 100 hourly simple moving average. There was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline if there is a break below $3,900 in the near term. Ethereum Price Could Extend Losses Ethereum failed to stay above the $4,120 and $4,100 support levels. ETH extended its decline below $4,000 and moved into a bearish zone, like bitcoin. There was also a close below the $4,000 level and the 100 hourly simple moving average. Besides, there was a break below a crucial ascending channel with support near $4,150 on the hourly chart of ETH/USD. The price spiked below the $3,920 level and traded as low as $3,889. Ether price is now consolidating losses above the $3,900 level. The price is trading above the 23.6% Fib retracement level of the downward move from the $4,313 swing high to $3,889 low. An immediate resistance on the upside is near the $4,010 level and a declining channel on the same chart. Source: ETHUSD on TradingView.com The next major resistance is near the $4,100 level. It is near the 50% Fib retracement level of the downward move from the $4,313 swing high to $3,889 low. A break above the $4,100 level may possibly push the price above the $4,200 level in the near term. Any more gains could lead the price towards the $4,320 level. More Losses in ETH? If ethereum fails to recover above the $4,050 and $4,100 resistance levels, it could continue to move down. An initial support on the downside is near the $3,950 level. The first major support is near the $3,920 level. The main support is near the $3,900 level. Any more downsides could lead the price towards the $3,800 support. The next major support for the bulls is near the $3,720 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is still below the 50 level. Major Support Level – $3,900 Major Resistance Level – $4,100

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