TA: Ethereum Recovery Could Gain Pace If It Clears This Resistance
20 June 2022 - 3:28PM
NEWSBTC
Ethereum dived towards the $880 support against the US Dollar. ETH
is recovering and eyeing an upside break above the $1,150
resistance zone. Ethereum started a decent recovery wave from the
$880 support zone. The price is now trading above $1,000 and the
100 hourly simple moving average. There was a break above a major
bearish trend line with resistance near $980 on the hourly chart of
ETH/USD (data feed via Kraken). The pair could start a decent
increase if it clears the key $1,150 resistance zone. Ethereum
Price Faces Hurdles Ethereum remained in a bearish zone below the
$1,050 level. ETH extended losses and traded below the $1,000
support. There was a sharp decline below the $950 level. The price
tested the $880 support before the bulls appeared. A low was formed
near $880 and the price started a decent increase. There was a move
above the $950 and $960 resistance levels. Ether cleared the 50%
Fib retracement level of the downward move from the $1,256 swing
high to $880 low. Besides, there was a break above a major bearish
trend line with resistance near $980 on the hourly chart of
ETH/USD. The pair even climbed above the $1,100 level. However, the
bears appeared near the $1,150 resistance. Ether failed to clear
the 76.4% Fib retracement level of the downward move from the
$1,256 swing high to $880 low. The price is now consolidating near
the $1,080 level and the 100 hourly simple moving average. Source:
ETHUSD on TradingView.com An immediate resistance is near the
$1,100 level. The next major resistance is near the $1,150 zone. A
clear move above the $1,150 resistance zone may perhaps start a
decent upward move. The next major resistance is near the $1,255
level. Any more gains could start a move towards the $1,320
resistance. Fresh Decline in ETH? If ethereum fails to rise above
the $1,150 resistance, it could start a fresh decline. An initial
support on the downside is near the $1,040 zone. The next major
support is near the $1,000 zone. A clear move and break below the
$1,000 zone could start a major decline. In the stated case, the
price could revisit the $880 support zone in the near term.
Technical Indicators Hourly MACD – The MACD for ETH/USD is now
gaining momentum in the bearish zone. Hourly RSI – The RSI for
ETH/USD is now above the 50 level. Major Support Level – $1,000
Major Resistance Level – $1,150
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