TA: Ethereum Aims Key Upside Break, What Could Stop Recovery
January 26 2022 - 1:28AM
NEWSBTC
Ethereum is recovering losses above $2,400 against the US Dollar.
ETH price is rising, but it must clear $2,550 for a steady
increase. Ethereum is slowly moving higher towards the $2,500 and
$2,550 resistance levels. The price is trading below $2,500 and the
100 hourly simple moving average. There was a move above a major
bearish trend line with resistance near $2,500 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could rise steadily if
there is a clear move above the $2,550 resistance zone. Ethereum
Price Faces Resistance Ethereum found support near $2,150 and
started a decent recovery wave. ETH was able to climb above the
$2,250 and $2,350 resistance levels. There was a clear move above
the 23.6% Fib retracement level of the recent decline from the
$2,547 swing high to $2,160 low. Besides, there was a move above a
major bearish trend line with resistance near $2,500 on the hourly
chart of ETH/USD. The pair is still trading below $2,500 and the
100 hourly simple moving average. An immediate resistance on the
upside is near the $2,500 level. The first major resistance is near
the $2,550 level. A clear move above the $2,550 resistance might
start a steady increase. In the stated case, the pair could rise
towards the $2,720 level. It is near the 50% Fib retracement level
of the recent decline from the $2,547 swing high to $2,160 low.
Source: ETHUSD on TradingView.com If there is an upside break above
$2,720 resistance, zone, the price could gain bullish momentum. The
next major resistance is near the $2,850 level. Any more gains
might send ether price to $3,000. Fresh Dip in ETH? If ethereum
fails to start a recovery wave above the $2,500 level, it could
start a fresh decline. An initial support on the downside is near
the $2,420 level. The first key support is now forming near the
$2,320 level. A downside break below the $2,320 level might spark a
sharp decline. The next major support for the bulls may perhaps be
near the $2,200 zone. Any more losses could push the price towards
the $2,150 level. Technical Indicators Hourly MACD – The MACD for
ETH/USD is losing pace in the bullish zone. Hourly RSI – The RSI
for ETH/USD is now above the 50 level. Major Support Level – $2,320
Major Resistance Level – $2,550
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