TA: Ethereum Holds Key Support, Why ETH Must Clear This Hurdle
09 Junio 2022 - 11:28PM
NEWSBTC
Ethereum is still above the $1,720 support against the US Dollar.
ETH must clear $1,820 and $1,850 to start a steady increase in the
near term. Ethereum is still above the main $1,720 support zone.
The price is now trading below $1,800 and the 100 hourly simple
moving average. There is a crucial bearish trend line forming with
resistance near $1,800 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 $1,820 and $1,850. Ethereum Price Tests Key
Support Ethereum attempted a fresh increase above the $1,820
resistance zone. However, there was no upside continuation and the
price stayed below the $1,850 resistance zone. A high was formed
near $1,831 and the price moved lower. There was a break below the
$1,800 support zone and the 100 hourly simple moving average. A low
is formed near $1,767 and the price stayed above the key $1,750
support zone. Ether is now consolidating above the $1,750 support.
It climbed above the 23.6% Fib retracement level of the recent
decline from the $1,831 swing high to $1,767 low. On the upside, an
initial resistance is near the $1,800 level. There is also a
crucial bearish trend line forming with resistance near $1,800 on
the hourly chart of ETH/USD. The trend line is close to the 50% Fib
retracement level of the recent decline from the $1,831 swing high
to $1,767 low. Source: ETHUSD on TradingView.com The next major
resistance is near the $1,820 level. The main resistance is still
near the $1,850 level. A clear move above the $1,850 resistance
might start a strong increase. The next major resistance is near
the $1,920 level. Downside Break in ETH? If ethereum fails to rise
above the $1,820 resistance, it could continue to move down. An
initial support on the downside is near the $1,765 zone. The next
major support is near the $1,720 level. A clear move and break
below the $1,720 support could start a major decline. 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 just near the 50 level. Major Support Level –
$1,720 Major Resistance Level – $1,820
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