Ethereum declined by 4% today, plunging below $3,000, hitting the 20-d MA. Against BTC, it dropped beneath a symmetrical triangle shape before finding support around the 20-day moving average near 0.0674 BTC.
ETH-USD Returns Support at 20-d MA
Vital support levels – $30K, $29.6K, and $28.9K
Vital resistance levels – $31.7K, $33.6K, and $35.4K
Ethereum has witnessed a somewhat meaningful retracement after surging around 94% over the last three weeks. While writing this, the token has lost almost 8% since attaining $3,350 at the initial sessions of the week.
The altcoin faced a massive resistance at bearish .618 Fibonacci ($3,350) during the weekend sessions. Failure to overcome this level had the leading alternative coin losing momentum to surge. The bearish divergence gesture had Ethereum rolling over, hitting the 20-d MA on Wednesday, today.
Meanwhile, the .236 Fibonacci bolstered the 20-day MA support, allowing Ethereum to bounce back over $3,000 to its current price level at $3,050.
ETH/USD Near-Term Price Forecast
For now, the pair has its initial resistance at $3,170. The following ones are bearish .618 Fibonacci ($3,350), 1.618 Fibonacci Extension ($3,540), and bearish .786 Fibonacci ($3,790).
Meanwhile, the initial support lies near $3,000. The following ones are .236 Fibonacci and 20-d MA ($2,960), June highs ($2,890), and .382 Fibonacci ($2,720).
As stated earlier, the Relative Strength Index indicated bearish divergence, drawing back from the overbought territory. The indicator still hovers over the midline, confirming enough bulls to control the momentum.
ETH/BTC – ETH Break below Near-Term Symmetrical Triangle
Vital support levels – 0.067 BTC, 0.066 BTC, and 0.0651 BTC
Vital resistance levels – 0.0691 BTC, 0.07 BTC, and 0.072 BTC
Ethereum has had its value in a symmetrical triangle shape since the initial sessions of August. However, it broke below the triangle on Tuesday as the token plunged below 0.068 BTC. Today sessions saw the altcoin falling to the 0.0665 lows as it battles to maintain over the 20-d Moving Average at 0.0675.
Keep in mind that the retracement is somewhat heath after Ethereum increase by 25% from its July lows to test the resistance near 0.071 BTC.
BTC/BTC Near-Term Price Forecast
Ahead, losses will have ETH to its initial support at .382 Fibonacci (0.067 BTC). The following ones are 100-d MA (0.066 BTC), .5 Fibonacci (0.0651 BTC), and 50-d MA (0.062 BTC).
Meanwhile, the initial resistance lies around the July highs at 0.0691 BTC. Others following are 0.07 BTC bearish .618 Fibonacci (0.072 BTC) and 50-d MA (0.064 BTC).
The RSI returned towards the midline, confirming market indecisions.
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