TA: Ethereum Regains Strength, Showing Early Signs of Fresh Rally
05 Julio 2022 - 12:08AM
NEWSBTC
Ethereum started a fresh increase after it remained stable near
$1,000 against the US Dollar. ETH could rise further above the
$1,150 resistance zone. Ethereum gained strength for a move above
the $1,080 and $1,100 levels. The price is now trading above $1,100
and the 100 hourly simple moving average. There was a break above a
key contracting triangle with resistance near $1,075 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could continue to
rise if there is a move above the $1,150 resistance zone. Ethereum
Price Gains Pace Ethereum remained stable above the $1,000 support
and there was no downside break. As a result, a base was formed and
the price started a decent increase. The price was able to clear a
couple of key hurdles near the $1,070 zone. There was a break above
a key contracting triangle with resistance near $1,075 on the
hourly chart of ETH/USD. The price even tested the 61.8% Fib
retracement level of the key drop from the $1,235 swing high to
$997 low. Ether price traded as high as $1,158 and trading well
above the 100 hourly simple moving average. It is also well above
the 23.6% Fib retracement level of the recent increase from the
$1,025 swing low to $1,158 high. Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $1,150 level. The
next major resistance is near the $1,180 zone, above which the
price may perhaps clear the $1,200 resistance. In the stated case,
the price could rise towards the $1,250 resistance. Any more gains
might send the price towards the $1,300 zone. Fresh Decline in ETH?
If ethereum fails to rise above the $1,150 resistance, it could
start a downside correction. An initial support on the downside is
near the $1,125 zone. The next major support is near the $1,090
zone and the 100 hourly simple moving average. It is near the 50%
Fib retracement level of the recent increase from the $1,025 swing
low to $1,158 high. A downside break below the $1,090 support may
perhaps put pressure on the bulls in the near term. The next major
support sits near $1,060. 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 well above the 50 level. Major
Support Level – $1,125 Major Resistance Level – $1,090
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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