TA: Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why
28 Septembre 2022 - 7:08AM
NEWSBTC
Ethereum started a major decline from the $1,400 resistance against
the US Dollar. ETH is moving lower and might even slide towards the
$1,200 level. Ethereum gained bearish momentum below the $1,350 and
$1,320 support levels. The price is now trading below $1,300 and
the 100 hourly simple moving average. There was a break below a
major bullish trend line with support at $1,290 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could extend its
decline towards the $1,220 and $1,200 support levels. Ethereum
Price Dips Again Ethereum attempted a decent increase above the
$1,350 level. ETH even broke the $1,380, similar to bitcoin.
However, the bulls failed to clear the $1,400 resistance zone. A
high was formed near $1,399 and the price started a fresh decline.
There was a clear move below the $1,350 and $1,320 support levels.
There was a clear move below the 76.4% Fib retracement level of the
upward move from the $1,269 swing low to $1,399 high. Besides,
there was a break below a major bullish trend line with support at
$1,290 on the hourly chart of ETH/USD. Ether price is also trading
below $1,300 and the 100 hourly simple moving average. On the
upside, the price is facing resistance near the $1,290 and $1,300
levels. The next major resistance is near $1,325 level and the 100
hourly SMA. A clear break above $1,325 might start a decent
increase towards the $1,380 level. Source: ETHUSD on
TradingView.com Any more gains may perhaps open the doors for a
move towards the $1,400 resistance, above which the bulls could aim
a strong increase. More Losses in ETH? If ethereum fails to climb
above the $1,325 resistance, it could continue to move down. An
initial support on the downside is near the $1,270. The next major
support is near the $1,240 level. It is near the 1.236 Fib
extension level of the upward move from the $1,269 swing low to
$1,399 high. A downside break below the $1,240 level might send the
price towards the $1,200 support in the near term. Any more
losses could increase selling and the price might drop to $1,150.
Technical Indicators Hourly MACD – The MACD for ETH/USD is now
gaining momentum in the bearish zone. Hourly RSI – The RSI for
ETH/USD is now below the 50 level. Major Support Level – $1,240
Major Resistance Level – $1,325
Ethereum (COIN:ETHUSD)
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Ethereum (COIN:ETHUSD)
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