TA: Ethereum Gearing For Another Lift-Off: Recovery Isn’t Over Yet
06 Julio 2022 - 12:28AM
NEWSBTC
Ethereum is showing positive signs above the $1,100 zone against
the US Dollar. ETH could rise further above the $1,170 resistance
zone. Ethereum gained strength for a move above the $1,100 and
$1,120 levels. The price is now trading above $1,120 and the 100
hourly simple moving average. There is a key bullish trend line
forming with support near $1,120 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could continue to rise if there is
a move above the $1,170 resistance zone. Ethereum Price Remains
Supported Ethereum made another attempt to clear the $1,165 and
$1,170 resistance levels. However, the bears were active near the
$1,170 level. The recent high was formed near $1,169 before there
was a downside correction. The price traded below the $1,150 and
$1,130 support levels. Ether price traded below the 50% Fib
retracement level of the upward move from the $1,076 swing low to
$1,170 high. However, the bulls seem to be active near the $1,120
support zone. It also found support near the 61.8% Fib retracement
level of the upward move from the $1,076 swing low to $1,170 high.
Ether is now trading above $1,120 and the 100 hourly simple moving
average. There is also a key bullish trend line forming with
support near $1,120 on the hourly chart of ETH/USD. An immediate
resistance on the upside is near the $1,150 level. Source: ETHUSD
on TradingView.com The next major resistance is near the $1,170
zone, above which the price may perhaps surpass 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
$1,320 zone. Fresh Decline in ETH? If ethereum fails to rise above
the $1,170 resistance, it could start another downside correction.
An initial support on the downside is near the $1,120 zone. The
next major support is near the $1,100 zone and the 100 hourly
simple moving average. A downside break below the $1,100 support
may perhaps spark another decline. In this case, the price might
drop towards the $1,070 level. Technical Indicators Hourly MACD –
The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $1,100 Major Resistance Level – $1,170
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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