Ethereum extended its decline and traded close to the $1,700 zone against the US Dollar. ETH price is recovering, but it is facing a strong resistance near $2,200.
Ethereum extended its decline below the $2,000 and $1,800 support levels.
The price is well below the $2,500 level and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear $2,200 and $2,400 to start a decent recovery in the near term.
Ethereum Price is Facing a Major Resistance
Ethereum failed to stay above the $2,000 support level and it extended its decline. ETH even broke the $1,800 level and it settled well below the 100 hourly simple moving average.
It traded as low as $1,731 and recently started an upside correction. Ether climbed above the $1,800 and $1,850 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $2,495 swing high to $1,731 low.
However, it is now facing a strong resistance near the $2,200 level. There is also a major bearish trend line forming with resistance near $2,200 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The trend line is close to the 61.8% Fib retracement level of the recent decline from the $2,495 swing high to $1,731 low. A clear break above the trend line resistance could set the pace for a strong move above $2,200. The next key resistance is near $2,400 and the 100 hourly simple moving average. Any more gains could lead the price towards the $2,800 level.
Fresh Decline in ETH?
If Ethereum fails to continue higher above the $2,200 and $2,400 resistance levels, it could start another decline. An initial support on the downside is near the $2,000 level.
The first key support is near the $1,800 level. The main support is now forming near the $1,700 level and a connecting support trend line. Any more losses could trigger a larger decline towards $1,500 in the coming sessions. The next major support is near the $1,200 level.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is struggling to stay above the 50 level.
Major Support Level – $2,000
Major Resistance Level – $2,200
Ethereum Forecast and ETH/USD Analysis October 22, 2021
Ethereum are trading at 4188 and continue to move within the framework of a strong rise and a bullish channel. The capitalization of the Ethereum cryptocurrency at the time of the publication of the forecast is $481,387,860,771. Moving averages indicate a short-term bullish trend for Ethereum. Prices went up from the area between the signal lines, which indicates pressure from buyers and a potential continuation of the rise in the asset value from the current levels. At the moment, we should expect an attempt to develop a correction in the value of the coin and a test of the resistance level near the 3345 area. Where again should we expect a rebound and a continuation of the rise in the Ethereum rate with a potential target above 4955.
Ethereum Forecast and ETH/USD Analysis October 22, 2021
An additional signal in favor of the growth of ETH/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the cryptocurrency will be a fall and a breakdown of the level of 3105. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes below the level of 2705. With the breakdown of the resistance area and closing of quotes above the level of 4505, we should expect confirmation of the development of a bullish movement in Ethereum.
Ethereum Forecast and ETH/USD Analysis October 22, 2021 suggests an attempt to correct and test the support area near the level of 3345. Where can we expect a rebound and the continuation of the rise of the ETH/USD cryptocurrency to the area above the level of 4955. An additional signal in favor of the rise of Ethereum will be a test of the line trend on the relative strength index (RSI). Cancellation of the growth option for the digital currency will be a breakdown of the 3105 area. This will indicate a continued fall in the digital currency with a potential target below the level of 2705.
Here’s What Will Trigger the Next Big Ethereum Rally, According to Top Crypto Analyst
A popular crypto trader is predicting what needs to happen for Ethereum’s (ETH) price to surge even further.
In the TechnicalRoundup newsletter, the pseudonymous analyst DonAlt says ETH is likely to underperform during a Bitcoin (BTC) breakout but will overperform later if the market rides “a multi-month uptrend.”
“As Bitcoin gets sufficiently pumped (very technical term) risk trickles down to lower market cap assets, including Ethereum.
From a technical point of view, the market is in a range between support (low-mid $3000s) and resistance ($4000).
Given the relative strength of the market and the proximity to new all-time highs, a range breakout is more likely than a range breakdown.
Generally, triple tops aren’t compelling resistance structures, especially those that form at prior all-time highs.”
Ethereum is trading at $4,189 at time of writing, up more than 16% in the past week, according to CoinGecko. The second-biggest crypto asset by market cap hit its all-time high of $4,356 in mid-May.
DonAlt thinks Bitcoin currently offers traders more upside than downside.
“If you long Ethereum and you’re right, you’ll probably make less money than longing Bitcoin. If you long Ethereum and you’re wrong, you’ll probably lose more money than longing Bitcoin.
Our conviction on this isn’t incredibly high, but the likelihood of a Bitcoin-dominant breakout is one worth considering.
In our view, the time to rotate into Ethereum will come once the breakout dust has settled. A large puke in Ethereum/Bitcoin would be a good time to start looking for punts.
Mars Land NFTs Released on Ethereum, MARS4 Tokens Listed on Bittrex, Sushiswap
Here’s how land plot on Mars can be obtained in a new-gen manner through NFT marketplace
Shortly after the release of an eccentric NFT-focused metaverse, the Mars Land project sees its core native utility asset, MARS4, listed by Tier 1 centralized exchange Bittrex and leading DEX SushiSwap (SUSHI).
Here’s how NFT instruments allow crypto enthusiasts to purchase land on Mars
The Mars4 team behind Mars Land, a novel digital collectibles project, has modeled a 3D map of Mars’ terrain based on the latest NASA data. The total area of Mars’ terrain is divided into 99,888 tokenized plots.
Then, the NFTs associated with segments of Mars Land are available for sale as non-fungible tokens. Mars Land NFTs are minted on Ethereum (ETH) blockchain and can be utilized in various digital economic initiatives.
Namely, Mars NFTs can be locked for staking and utilized for liquidity mining; therefore, Mars Land NFTs evolved into a full-stack instrument of passive income for cryptocurrency enthusiasts with various levels of expertise.
Mars Land NFTs are released in batches; 10,000 tokens are listed per epoch. Starting from Epoch 1, 51% of the income generated is redistributed among current NFT holders. By mid-October, there are more than 50,000 NFTs in circulation.
MARS4 listed on CEXes and DEXes: Why is this crucial?
Mars Land adheres to a dual tokenomic design: its architecture includes NFTs and MARS4 dollars. In total, there are four billion MARS4 tokens in circulation.
MARS4 tokens are now available on Bittrex, a veteran centralized cryptocurrency trading ecosystem. Bittrex offers the widest range of assets amidst all CEXes working in the United States.
Also, MARS4 tokens can be purchased on leading Ethereum-based decentralized exchange, SushiSwap (SUSHI). On SushiSwap (SUSHI), MARS4 tokens can be staked as well.