in

ETH Below 100 SMA Could Trigger Downside


Ethereum is facing resistance above $1,220 against the US Dollar. ETH could start another decline if it fails to stay above $1,200 and the 100 hourly SMA.

  • Ethereum started an upside correction above the $1,180 resistance zone.
  • The price is now trading above $1,200 and the 100 hourly simple moving average.
  • There is a short-term contracting triangle with resistance near $1,220 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another upward move if there is a wave above the $1,220 resistance.

Ethereum Price Eyes Recovery

Ethereum price found support near the $1,150 zone and started a recovery wave. ETH was able to clear the $1,180 and $1,190 levels. The price even climbed above the $1,200 level and the 100 hourly simple moving average, similar to bitcoin.

A high was formed near $1,230 before the price started a consolidation phase. Ether price is now trading near the 23.6% Fib retracement level of the recent increase from the $1,150 swing low to $1,230 high.

The price is now trading above $1,200 and the 100 hourly simple moving average. There is also a short-term contracting triangle with resistance near $1,220 on the hourly chart of ETH/USD. The first major resistance is near the $1,220 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A clear upside break above the $1,220 resistance and then a move above the $1,230 level could initiate a decent increase. The next major resistance could be $1,260. If the bulls clear the $1,260 resistance, the price might rise towards $1,300. Any more gains might send the price towards the $1,350 resistance zone. An intermediate resistance could be near the $1,320 level.

Fresh Drop in ETH?

If ethereum fails to climb above the $1,220 resistance, it could start another bearish wave. An initial support on the downside is near the $1,200 level.

The next major support is near the $1,190 level or the 50% Fib retracement level of the recent increase from the $1,150 swing low to $1,230 high. A clear downside break below $1,190 might push the price lower towards the $1,150 support. Any more losses could lead the price towards the $1,100 support.

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 above the 50 level.

Major Support Level – $1,190

Major Resistance Level – $1,220



Source link

Leave a Reply

GIPHY App Key not set. Please check settings

What do you think?

Trump’s NFTs tank, NBA star’s collection gone in 77 seconds and more…

What blockchain analysis can and can’t do to find FTX’s missing funds: Blockchain.com CEO