TA: Ethereum Key Indicators Suggest Strengthening Case For More Upsides
June 24 2022 - 1:08AM
NEWSBTC
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. Technical Indicators 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
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