CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$26,578.00
  • ethereum
    ETH$1,850.84
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » ETH » Ethereum Tumbles 12% Daily: Here is the Next Critical Support Level (ETH Price Analysis)

    Ethereum Tumbles 12% Daily: Here is the Next Critical Support Level (ETH Price Analysis)

    Author: Duo Nine

    Last Updated Jan 6, 2022 @ 11:19

    ETH lost a substantial chunk of its dollar value today and broke an important support level in doing so.

    Key Support levels: $3,300, $3,000

    Key Resistance levels: $3,600, 4,000

    Unfortunately, ETH broke below the key support at $3,600 yesterday and invalidated the bullish falling wedge discussed previously.

    The price fell all the way to the $3,300 support where it is currently found at the time of this post. With this drop, the $3,600 level has turned into resistance, and ETH looks very weak. Should the correction continue, then the next support level is found at $3,000. However, it’s worth noting that the zone between $3,300 and $3,400 also contains the MA200, which should provide considerable support.

    Chart by TradingView

    Technical Indicators

    Trading Volume: The volume during this drop was serious. This shows that bears mean business.

    RSI: The daily RSI has made a lower low and is approaching the oversold area. With this drop in price, the RSI continues to be bearish.

    MACD: After a failed attempt to complete a bullish crossover, the daily MACD continues to fall, and the momentum is increasing on the way down, as indicated by volume and MACD histogram. Until this is reversed, ETH is unlikely to stop the downtrend.

    Chart by TradingView

    Bias

    The bias for ETH is bearish. The break below $3,600 was a clear sign that the cryptocurrency was going lower.

    Short-Term Price Prediction for ETH

    After ETH failed to rally beyond $3,800, sellers took full control of the price action. The support at $3,300 seems to hold for now, but market confidence is weak. The resistance at $3,600 will likely not be tested any time soon as ETH struggles to stop the downtrend. Should sellers continue their assault, then ETH can go to $3,000 next.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ethereum (ETH) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

  • bitcoin
    BTC$26,578.00
  • ethereum
    ETH$1,850.84
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    What is a Meme Coin? The Biggest Meme Coins You Must Know About

    What is a Meme Coin? The Biggest Meme Coins You Must Know About

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!