TA: Ethereum Close Below $1K Could Spark Larger Degree Downtrend
04 Julio 2022 - 12:08AM
NEWSBTC
Ethereum is struggling below $1,080 against the US Dollar. ETH
could decline heavily if there is a close below the $1,000 support
zone. Ethereum remained in a bearish zone below $1,100 and $1,080
levels. The price is now trading below $1,100 and the 100 hourly
simple moving average. There is a key bullish trend line forming
with support near $1,050 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could decline again unless there is a clear
move above the $1,120 resistance zone. Ethereum Price Remains At
Risk Ethereum remained in a bearish zone and retested the $1,000
support zone. ETH formed a base near $1,000 and recently corrected
higher. There was a minor recovery wave above the $1,030 and $1,050
level. Ether price climbed above 23.6% Fib retracement level of the
key decline from the $1,236 swing high to $997 low. It even
attempted an upside break above the $1,100 level but failed. It is
now trading below $1,100 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near
$1,050 on the hourly chart of ETH/USD. An immediate resistance on
the upside is near the $1,060 level. The next major resistance is
near the $1,080 zone. The first major hurdle is near the $1,100
zone or the 50% Fib retracement level of the key decline from the
$1,236 swing high to $997 low. A close above the $1,120 resistance
zone could start a decent increase. Source: ETHUSD on
TradingView.com In the stated case, the price could rise towards
the $1,180 resistance. Any more gains might send the price towards
the $1,236 high. More Losses in ETH? If ethereum fails to rise
above the $1,080 resistance, it could continue to move down. An
initial support on the downside is near the $1,050 zone or the
trend line. The next major support is near the $1,000 zone. A close
below the $1,000 level might spark a sharp decline. In the stated
scenario, ether price may perhaps slide towards the $925 level. Any
more losses could send the price towards the $880 support zone.
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 below the 50 level. Major Support Level – $1,000
Major Resistance Level – $1,080
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