No products in the cart.
TA: Ethereum Key Indicators Suggest Strengthening Case For More Upsides
Ethereum is slowly moving higher above the $1,120 zone against the US Dollar. ETH could rally if there is a clear move above the $1,165 resistance level.
Ethereum is facing resistance near the $1,165 and $1,190 levels.
The price is now trading above $1,120 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a clear move above the $1,165 resistance.
Ethereum Price Eyes Upside Break
Ethereum started a downside correction below the $1,120 level. ETH even traded below the $1,080 level, but the bulls were active near the $1,050 support zone.
The price traded as low as $1,048 and recently started a fresh increase. Ether price was able to surpass the $1,100 level. There was a move above the 50% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low.
Besides, there was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD. The pair is now trading above $1,120 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,165 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low. The next major resistance is near the $1,190 zone. A clear move above the $1,190 resistance zone could start a steady increase.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term.
Fresh Decline in ETH?
If ethereum fails to rise above the $1,165 resistance, it could start a fresh decline. An initial support on the downside is near the $1,120 zone.
The next major support is near the $1,100 zone and the 100 hourly simple moving average. A close below the $1,100 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level. Any more losses might call for a move towards the $1,000 support.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,100
Major Resistance Level – $1,165
- October 2022 (13)
- September 2022 (540)
- August 2022 (519)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- TIDEFI Mainnet And DEX App Goes Live As TDFY Sunrise Pool Token Distribution Nears
- TA: Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,350
- Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend
- Helium (HNT) Holds Gains Amid Market Downtrend
- Quant (QNT) Marks Positive Movement When Major Coins Face Dumps