Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
NewsBTC 2022-09-01 04:48:23

TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong

Ethereum failed to stay above the $1,600 resistance against the US Dollar. ETH is correcting lower and must stay above $1,540 to continue higher. Ethereum failed to clear the $1,620 and $1,625 resistance levels. The price is now trading near $1,550 and the 100 hourly simple moving average. There is a major rising channel forming with support near $1,540 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it stays above the $1,540 and $1,500 support levels. Ethereum Price Remains Supported Ethereum attempted an upside break above the $1,620 level, but struggled. The bears were active near the $1,620 zone and the price started a downside correction. A high was formed near $1,619 before the price corrected lower. There was a drop below the $1,560 level and the 100 hourly simple moving average. However, the bulls were active near the $1,530 and $1,525 levels. A low was formed near $1,530 and the price is now consolidating. There was a move above $1,550 and the 100 hourly simple moving average. The price climbed above the 50% Fib retracement level of the recent decline from the $1,619 swing high to $1,530 low. It is now consolidating near $1,550 and the 100 hourly simple moving average. There is also a major rising channel forming with support near $1,540 on the hourly chart of ETH/USD. It is facing resistance near the $1,580 and $1,585 levels. The 61.8% Fib retracement level of the recen...

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.