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The price of Ethereum (ETH) has continued its downtrend. In the European session, it reached the low of 3,105 retreating to the price of October 1, 2021. If the bearish outlook continues, ETH could soon retest the support of 1/8 Murray around 2,812.
Regardless of the bearish outlook for the ETH price, a break above the support level of the 200 EMA will confirm the good mood among buyers and the price could rise to the 21 SMA located at 3,822 and up to the psychological level of 4,00.
The eagle indicator is moving around the oversold zone between 5-10 points. A technical bounce above the 2/8 Murray (3,125) is likely in the coming days with targets towards the immediate resistance at 3,500 (200 EMA).
The US Federal Reserve (FED) and its minutes released on Wednesday gave investors an impetus to take refuge in the US dollar. In fact, the US central bank hinted at a faster timetable to start raising interest rates this year.
An increase in the interest rate in the United States and a strong dollar could be the factor that further weakens all cryptocurrencies. So, Bitcoin and Ethereum could fall in the long term to support levels of the year 2020.
Our medium-term outlook remains bearish. However, any recovery in Ether towards the psychological level of $ 4,000 or towards $5,000 is likely to be seen by the bears as an opportunity to sell.
We see that ETH is oversold in the short term. Ttherefore, it is likely that in the next few days there will be a technical rebound towards the levels 3,500 or 3,750 that will give us an opportunity to enter again with a bearish strategy.
Support and Resistance Levels for January 07 - 10, 2022
Resistance (3) 3,549
Resistance (2) 3,437
Resistance (1) 3,291
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Support (1) 3,000
Support (2) 2,812
Support (3) 2,500
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Scenario
Timeframe 4-hours
Recommendation: buy above
Entry Point 3,125
Take Profit 3,437 (3/8), 3,500 (200 EMA)
Stop Loss 3,000
Murray Levels 3,437 (3/8), 3,750 (4/8)
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