- Ethereum rejected at $395, leaving $400 unconquered.
- ETH/USD reacts to oversold conditions, but on-chain analysis highlights the most robust support between $351 and $361.
Ethereum majestically closed in on the psychological resistance at $400. However, the smart contract giant hit a barrier at $395, leaving $400 unconquered. Meanwhile, ETH/USD is teetering at $384 amid an ongoing retreat.
The started over the weekend from levels around $350. Ether recovered in tandem with Bitcoin as it scaled the levels above $11,000. The majority of cryptocurrency assets have reversed from the downtrends sustained since September.
At the moment, the path of least resistance is downwards. The Relative Strength Index (RSI) points sharply downwards, following a rejection from the oversold area. Initial support is expected at $380, but if push comes to shove and Ethereum continues with the downtrend, the 50 Simple Moving Average at $350 will come in handy.
The low trading volume means that declines will not be rapid. Therefore, buyers have a chance to create barricades at higher levels, preferably $380 and $390.
ETH/USD 4-hour chart
According to IntoTheBlock’s IOMAP model, ETH has no significant resistance ahead. Nonetheless, if buyers fail to find balance at a higher level, the smart contract token might be forced to seek refuge at the critical support, $351 – $361. Previously, nearly 996,000 addresses purchased roughly 14.4 million Ether. The buyer congestion in this zone is strong enough to absorb the selling pressure in the event losses continue.
ETH IOMAP model
A bounce from the support will most likely give Ethereum an expected boost towards $400. On the other hand, ETH is yet to wriggle itself from bulls’ grip despite the retreat from $395. The increasing gap between the 50 SMA and the 100 SMA suggests that buyers have the upper hand, at least for now. Moreover, on-chain analysis shows that Ether has a clear path to $400.
Ethereum Intraday Levels
Spot rate: 385
Relative change: 1.58
Percentage change: -0.4%
Trend: Short term bearish bias
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long