Ethereum Price Analysis: ETH Loses Key Support, This is The Next Level to Watch If Downtrend Continues.
Not only the ETH price dropped below $4,000, but it also closed below this key level on the daily timeframe. If no surprises will take place, today will be the first time since October 19 that ETH is seeing a full candle body below the significant $4K mark. This put an end to the bullish trend, at least in the short term.
Key Support levels: $3750, $3,000
Key Resistance levels: $4,000, $4,500
Last week, the weekly MACD went through a bearish crossover which was an early sign that the uptrend may reverse. Yesterday, ETH broke below the key support at $4,000 and closed the day under this key level. In doing so, ETH confirmed the change in the trend and also broke beneath a significant trendline that has held the uptrend since March 2020 (see the dotted line as shown below).
Following the breakdown, the $4,000 level now becomes a key resistance. In addition, ETH is currently trading below the 100-day moving average line. If this downtrend continues, then the next critical support levels for ETH are found at $3750 and $3,000.
Not only the ETH price dropped below $4,000, but it also closed below this key level on the daily timeframe. If no surprises will take place, today will be the first time since October 19 that ETH is seeing a full candle body below the significant $4K mark. This put an end to the bullish trend, at least in the short term.
Key Support levels: $3750, $3,000
Key Resistance levels: $4,000, $4,500
Last week, the weekly MACD went through a bearish crossover which was an early sign that the uptrend may reverse. Yesterday, ETH broke below the key support at $4,000 and closed the day under this key level. In doing so, ETH confirmed the change in the trend and also broke beneath a significant trendline that has held the uptrend since March 2020 (see the dotted line as shown below).
Following the breakdown, the $4,000 level now becomes a key resistance. In addition, ETH is currently trading below the 100-day moving average line. If this downtrend continues, then the next critical support levels for ETH are found at $3750 and $3,000.