Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
newsbtc 2022-06-16 04:28:37

TA: Ethereum Recovers 6%, Why 100 SMA Is The Key For Upsides

Ethereum extended its decline and tested the $1,000 support against the US Dollar. ETH is recovering, but it must clear $1,280 to start a steady upward move. Ethereum dropped towards the $1,000 level before the bulls appeared. The price is now trading below $1,280 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline unless it clears $1,280 and $1,300 in the near term. Ethereum Price Faces Key Resistance Ethereum started a fresh decline below the $1,100 level. The price traded to a new multi-month low and almost tested the $1,000 support zone. A low was formed near $1,013 before the price started an upside correction. There was a recovery wave above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the key drop from the $1,546 swing high to $1,013 low. Besides, there was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH/USD. However, the price is still trading below $1,280 and the 100 hourly simple moving average. The bears were active near the $1,260 resistance zone. The next major resistance is near the $1,280 zone and the 100 hourly simple moving average. The 50% Fib retracement level of the key drop from the $1,546 swing high to $1,013 low is also near the $1,280 zone. Source: ETHUSD on TradingView.com A clear move above the $1,280 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,420 level. Any more gains could start a move towards the $1,550 resistance. Fresh Decline in ETH? If ethereum fails to rise above the $1,280 resistance, it could start a fresh decline. An initial support on the downside is near the $1,180 zone. The next major support is near the $1,125 zone. A clear move and break below the $1,125 zone could start a major decline. In the stated case, the price could slide towards the $1,000 support zone in the near term. 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 – $1,125 Major Resistance Level – $1,280

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.