Ether Breaks Short-Term Bullish Trendline; Support Below $3.3K

The broader outlook remains constructive, one analyst said.

AccessTimeIconDec 14, 2021 at 8:49 a.m. UTC
Updated May 11, 2023 at 6:43 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Ether’s short-term pattern has turned bearish, with the cryptocurrency finding acceptance under a crucial support.

  • The native token of Ethereum’s blockchain fell by more than 8% on Monday, falling below an uptrend line connecting July and September lows.
  • Ether printed a UTC close under the widely tracked 100-day moving average with the long-held support level of $3,900 turning into resistance.
  • The breakdown is backed by a below-50 reading on the daily relative strength index chart, which could encourage more selling. The weekly histogram of trading indicator moving average convergence divergence (MACD) also fell below zero, indicating a bearish trend.
  • “Both the weekly stochastics and MACD are on sell signals, which calls for risk management,” Katie Stockton, founder and managing partner of Fairlead Strategies, said in a weekly research note published late Monday.
  • An extended sell-off, if any, could find support near $3,250 – the current level of the 200-day moving average.
  • According to Stockton, the broader outlook remains constructive with monthly MACD and long-term trend gauges still showing bullish signals. “It is important to note that ether confirmed a breakout to new all-time highs in November for a measured move projection near $6000, providing a long-term bullish framework,” she noted.
  • Ether was last trading near $3,800.
Ether's weekly chart (TradingView)
Ether's weekly chart (TradingView)


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.