TA: Ethereum Could Rally If The Bulls Clear This Key Resistance
21 June 2022 - 3:08PM
NEWSBTC
Ethereum started an upside correction from the $880 zone against
the US Dollar. ETH is rising and attempting an upside break above
the $1,150 resistance zone. Ethereum started an upside correction
above the $1,000 resistance zone. The price is now trading above
$1,000 and the 100 hourly simple moving average. There is a
short-term contracting triangle forming with resistance near $1,150
on the hourly chart of ETH/USD (data feed via Kraken). The pair
could start a steady increase if it clears the main $1,150
resistance zone. Ethereum Price Faces Key Barrier Ethereum started
a decent upward move from the $880 support zone. ETH climbed above
the $950 and $1,000 levels to move into a short-term bullish zone.
The bulls pushed the price above the 50% Fib retracement level of
the key decline from the $1,255 swing high to $880 low. Finally,
there was a move above the $1,100 level. However, ether price is
now facing a major resistance near the $1,150 and $1,160 levels.
The price is now trading above $1,000 and the 100 hourly simple
moving average. It is also above the 23.6% Fib retracement level of
the upward move from the $880 swing low to $1,174 high. Besides,
there is also a short-term contracting triangle forming with
resistance near $1,150 on the hourly chart of ETH/USD. An immediate
resistance is near the $1,150 level. The next major resistance is
near the $1,160 zone. A clear move above the $1,160 resistance zone
may perhaps start a steady upward move. Source: ETHUSD on
TradingView.com The next major resistance is near the $1,260 level.
Any more gains could start a move towards the $1,350 resistance in
the near term. 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 $1,100 zone and the
triangle lower trend line. The next major support is near the
$1,030 zone. It is near the 50% Fib retracement level of the upward
move from the $880 swing low to $1,174 high. Any more losses might
call for a move towards the $950 support zone. Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the
bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50
level. Major Support Level – $1,030 Major Resistance Level – $1,150
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