TA: Ethereum Price Momentum Above $1,320: Here’s Why Bulls Are Comfortable
29 Septiembre 2022 - 11:48PM
NEWSBTC
Ethereum started a consolidation phase above the $1,300 level
against the US Dollar. ETH could start a fresh increase if there is
a clear move above $1,350. Ethereum recovered above $1,300 and
started a consolidation phase. The price is now trading above
$1,310 and the 100 hourly simple moving average. There is a key
declining channel forming with resistance near $1,340 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could start a
fresh increase if there is a clear move above the $1,350 resistance
zone. Ethereum Price Eyes Upside Break Ethereum started a steady
recovery wave above the $1,300 resistance zone. The bulls were
active above the $1,300 level and ETH settled into a short-term
positive zone. There was a clear move above the 50% Fib retracement
level of the key decline from the $1,400 swing high to $1,252 low.
Ether price even spiked above the $1,340 resistance, but upsides
were limited. It is now trading above $1,310 and the 100 hourly
simple moving average. There is also a key declining channel
forming with resistance near $1,340 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $1,340 and
$1,350 levels. The next major resistance is near $1,364 level. It
is near the 76.4% Fib retracement level of the key decline from the
$1,400 swing high to $1,252 low. A clear break above $1,364 might
start a decent increase towards the $1,400 level. Source: ETHUSD on
TradingView.com Any more gains may perhaps open the doors for a
move towards the $1,450 resistance zone, above which the price
could surge to $1,500. Fresh Decline in ETH? If ethereum fails to
climb above the $1,340 resistance, it could start a fresh decline.
An initial support on the downside is near the $1,310 level. The
next major support is near the $1,290 level and the channel lower
trend line. A downside break below the $1,290 level might send the
price towards the $1,265 support in the near term. Any more
losses could increase selling and the price might drop to $1,250 or
even towards $1,220. 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 above the 50 level. Major Support
Level – $1,290 Major Resistance Level – $1,350
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