Ethereum Price Dips Further But 100 SMA Is The Key To Fresh Increase
16 Marzo 2023 - 11:45PM
NEWSBTC
Ethereum price is correcting gains from the $1,780 zone against the
US Dollar. ETH must stay above the 100 hourly SMA to start a fresh
increase. Ethereum started a downside correction from the $1,780
resistance zone. The price is trading above $1,600 and the 100
hourly simple moving average. There was a break below a key bullish
trend line with support near $1,695 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could take a major hit if there is
a downside break below the $1,600 support. Ethereum Price Corrects
Gains Ethereum price started a downside correction after it failed
to clear the $1,800 resistance zone. ETH traded below the $1,700
level to enter a short-term bearish zone, similar to bitcoin. There
was a steady decline below the $1,680 and $1,650 levels. Besides,
there was a break below a key bullish trend line with support near
$1,695 on the hourly chart of ETH/USD. The pair settled below the
50% Fib retracement level of the upward move from the $1,570 swing
low to $1,784 high. Ether price is still trading above $1,600 and
the 100 hourly simple moving average. It is also above the 76.4%
Fib retracement level of the upward move from the $1,570 swing low
to $1,784 high. On the upside, the price is facing resistance near
the $1,650 zone. The first major resistance is near the $1,665
zone. The next major resistance is near the $1,700 level. A close
above the $1,700 resistance zone might start another major
increase. Source: ETHUSD on TradingView.com In this case, the price
may perhaps rise towards the $1,800 resistance level. Any more
gains might send the price towards $1,880. Downside Break in ETH?
If ethereum fails to clear the $1,700 resistance, it could start
another decline. An initial support on the downside is near the
$1,630 level and the 100 hourly SMA. The next major support is near
the $1,600 zone. If there is a break below $1,600, the price might
drop towards $1,550. Any more losses might call for a test of the
$1,485 level. 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 below the 50 level. Major Support Level
– $1,600 Major Resistance Level – $1,700
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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