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Technical ETH Analysis Show Price Dropping By 5%, Testing $335 Support

Stefan by Stefan
07/10/2020
in Ethereum News
Reading Time: 2 mins read
0
Ethereum Prepares To Rally, Ethereum Is Up, ETH Plummets To Lowest, btc, market, coins, ethereum
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The technical ETH analysis shows that the price dropped by 5% after breaking the key support level of $350 and is now testing the $335 support remaining at risk of more losses so let’s read more in our latest Ethereum news.

Ethereum failed to surpass the main $355 resistance zone and dropped by 5% while the price started trading close to the $335 support and is well below the 100 hourly simple moving average. There was also a break below the key contracting triangle at the $352 support on the hourly charts of the pair. ETH/USD could recover higher as long as the buyers are able to protect the $335 support. ETH made a couple of attempts to clear the $355 resistance zones but then failed to gain bullish momentum as the price topped close to the $355 level and started a sharp decline by 5%.

eth price
Ethereum price dives 5%. Source TradingView.com

The decline started after the break below of a key contracting triangle with support at the $352 level on the hourly charts while the price gained pace below the $350 support and the 100 hourly simple moving average. The price spiked a little over the key level of $335 and traded as low as $333. It is now correcting higher and trading above the $335 level. Ether is testing the 23.6% fib retracement level from the downward move at $355 high to $33 low. The first key resistance is close to the $342 level or the 50% fib retracement level from the $355 high to $333 low. the main resistance for the pair is now forming at the $350 level and the 100 hourly simple moving average. In order to start a fresh increase, the buyers will have to gain strength above these levels and break near the $355 level.

eth daily
Ethereum’s ETH 24-hour Price Chart (source: Coingecko)

The technical ETH analysis shows that ethereum could start another recovery wave above $342 resistance but there are more risks of more losses as well. The main breakdown support for ETH is close to the $335 zone while the daily close below the $335 support will lead the coin below $330 and will spark more losses. The next major support is close to the $320 level below which it could revisit the $305 level. The hourly RSI for the pair is now well below the 40 levels with no recovery signs in sight. The major support level is set at $335 while the major resistance level is set at $342.

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Tags: Etheth analysiseth priceethereumEthereum Priceprice analysisprice droptechnical ETH analysis
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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