TA: Ethereum Eyes Strong Reversal, Why Dips Could Be Limited
09 Junio 2022 - 12:08AM
NEWSBTC
Ethereum is showing positive signs above $1,720 against the US
Dollar. ETH could start a strong increase if there is a clear move
above the $1,850 resistance. Ethereum remained well supported above
the $1,720 support zone. The price is now trading below $1,820 and
the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $1,815 on the hourly chart
of ETH/USD (data feed via Kraken). The pair might start a strong
increase if there is a clear move above the $1,850 resistance zone.
Ethereum Price Holds Support Ethereum remained well supported above
the $1,720 support zone. A base was formed near $1,725 and there
was a fresh increase. The price spiked above the $1,800 resistance
level and the 100 hourly simple moving average. However, the price
struggled to gain pace above the $1,850 level. A high was formed
near $1,875 and the price corrected gains. It is now consolidating
above the $1,770 level. The recent low was formed near $1,753
before the price climbed above $1,780. Ether price is now trading
below $1,820 and the 100 hourly simple moving average. On the
upside, an initial resistance is near the $1,810 level. There is
also a major bearish trend line forming with resistance near $1,815
on the hourly chart of ETH/USD. The trend line is close to the 50%
Fib retracement level of the recent decline from the $1,875 swing
high to $1,753 low. Source: ETHUSD on TradingView.com The next
major resistance is near the $1,830 level. It is near the 61.8% Fib
retracement level of the recent decline from the $1,875 swing high
to $1,753 low. The main resistance is near the $1,850 level. A
clear move above the $1,850 resistance might start a strong
increase. Fresh Decline in ETH? If ethereum fails to rise above the
$1,850 resistance, it could continue to move down. An initial
support on the downside is near the $1,770 zone. The next major
support is near the $1,720 level. A close below the $1,720 support
could increase selling pressure. In the stated case, the price
could slide towards the $1,650 support zone in the near term.
Technical Indicators Hourly MACD – The MACD for ETH/USD is now
losing momentum in the bearish zone. Hourly RSI – The RSI for
ETH/USD is now near the 50 level. Major Support Level – $1,720
Major Resistance Level – $1,850
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