TA: Ethereum Price Needs To Clear $1,400 For Hopes of a Fresh Rally
26 Septiembre 2022 - 12:08AM
NEWSBTC
Ethereum is struggling below the $1,350 zone against the US Dollar.
ETH could start a major increase if it clears the $1,350 and $1,400
resistance levels. Ethereum is stable above the $1,260 and $1,250
support levels. The price is now trading below $1,350 and the 100
hourly simple moving average. There is a major bearish trend line
forming with resistance near $1,350 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could start a steady increase if
it clears the key $1,400 resistance zone. Ethereum Price Faces
Hurdles Ethereum dropped from the $1,350 resistance zone. However,
ETH remained stable above the $1,250 support zone. The price traded
as low as $1,269 and is currently consolidating losses. Ether is
slowly moving higher above the $1,300 level. It is testing the 50%
Fib retracement level of the recent decline from the $1,348 swing
high to $1,269 low. The price is now trading below $1,350 and the
100 hourly simple moving average. On the upside, the price is
facing resistance near the $1,320 level and the 100 hourly simple
moving average. It is near the 61.8% Fib retracement level of the
recent decline from the $1,348 swing high to $1,269 low. The next
major resistance is near $1,350 level. There is also a major
bearish trend line forming with resistance near $1,350 on the
hourly chart of ETH/USD. A clear break above $1,350 might start a
decent increase towards the $1,400 level. Source: ETHUSD on
TradingView.com The 1.236 Fib extension level of the recent decline
from the $1,348 swing high to $1,269 low. Any more gains may
perhaps open the doors for a move towards the $1,500 resistance.
Fresh Decline in ETH? If ethereum fails to recover above the $1,350
resistance, it could start a fresh decline. An initial support on
the downside is near the $1,288. The next major support is near the
$1,270 level. A downside break below the $1,270 level might send
the price towards the $1,220 support in the near term. Any
more losses could increase selling and the price might drop to
$1,150. 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 just below the 50 level. Major Support Level –
$1,270 Major Resistance Level – $1,350
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